Funding Souq, an SME financing and investment platform, has obtained a license from the Saudi Central Bank (SAMA) to operate its debt crowdfunding platform in the Kingdom of Saudi Arabia.
As one of the G20 countries and the largest economy in the region, Saudi Arabia presents immense opportunities for growth and expansion. Recognizing the bold steps the Kingdom has taken to open itself to business, Funding Souq has chosen Saudi Arabia as its new market to serve the country’s underserved SMEs.
Funding Souq aims to fuel SME growth, create jobs, and drive the economy forward in Saudi Arabia. By connecting established SMEs with retail and institutional debt investors worldwide, the platform provides accessible business loans to support the growth aspirations of local businesses.
“We are pleased to announce that we have officially obtained our license from the Saudi Central Bank,” said Martin, CEO, and Founder of Funding Souq. “We look forward to supporting the growth of local SMEs in Saudi Arabia and providing an excellent investment experience for our investors.”
The Kingdom of Saudi Arabia has made significant strides in addressing the financing needs of SMEs. With solid legal infrastructure, including promissory notes, and a robust digital infrastructure through platforms like Nafath, financing has become more efficient and accessible for businesses.
Vision 2030, the ambitious development plan of Saudi Arabia, aims to increase financing allocation to small and medium-sized enterprises from 4% to 20%. The gap in financing establishments in the country currently exceeds 400 billion riyals, highlighting the immense potential for Funding Souq to make a significant impact in bridging this gap.
Funding Souq was established in September 2020 in Dubai and has since made remarkable progress in supporting SMEs across the Middle East. With the Saudi Central Bank license in place, Funding Souq is poised to revolutionize the financing landscape for SMEs in Saudi Arabia.
