Raqamyah Platform, a Saudi based Peer-to-Peer (P2P) SME lending platform (approved by SAMA Regulatory Sandbox), secured seed funding from Impact46.
As a FinTech company, Raqamyah uses innovative technology to connect small businesses seeking fast, affordable finance with lenders who could help fund their growth. By lending directly to businesses through Raqamyah, lenders earn attractive returns while businesses get fast, easy access to funding at competitive rates to grow, create jobs, and drive the economy forward. Raqamyah’s mission is to empower small businesses to thrive by simplifying and expediting their funding needs.
Raqamyah is one of the first Saudi companies approved by SAMA to offer P2P lending including invoice, inventory, and term finance. With its first lending opportunity fully funded through the Platform, Raqamyah is gearing up to publish its subsequent opportunities in the coming days. The startup is led by Ammar Bakheet and a team of experienced bankers with more than 25 years experience in the financial sector (credit, investment and marketing). “Innovating the traditional SMEs lending by making the whole borrowing and lending experience digital and adopting new technologies to improve credit assessment is the team’s passion” noted Ammar Bakheet, the Managing Partner at Raqamyah.
Impact46 Seed Fund, a newly established fund based in Riyadh, Saudi Arabia investing in early stage startups. The fund focuses on supporting local disruptive technologies across sectors and seeks to play the role of a catalyst to help prepare them for the next stage. With a team of diverse expertise in the entrepreneurship ecosystem, from angel investing, working with incubators, accelerators, and being entrepreneurs themselves, the team believes in a value add approach to their investments.
“Looking at disruptive technologies, FinTech is on the top of the list in terms of sectors. Saudi Arabia has one of the most advanced infrastructure to support creative solutions, and the new regulations supporting those solutions and allowing for a safe test environment will play a driving role in growing the market” noted Abdulaziz Al Omran, a managing partner at Impact46.
