April 20, 2024

Investments & Exits

Saudi-based Fintech erad raised $2.4 MN to enhance its funding platform

A fintech startup based out of Saudi – erad – today announced that it has raised USD 2.4 million in pre-seed funding roud. The funding was backed by Khwarizmi Ventures and Nuwa Capital from the UAE.

With its data-driven platform, the company provides growth investments for Middle Eastern digital enterprises. The platform analyses an applicant’s past performance in terms of marketing, sales, and accounting activity to decide whether the latter is qualified for funding.

Offers regarding funding on the network are put forth within 48 hrs of eligibility approval and is followed by the instantaneous deployment of cash via erad’s electronic payments technology.

According to the co-founder and CEO of erad, Salem Abu-Hammour, erad was founded to support online businesses with an alternative to loans or equity stakes, while at the same time helping the Middle East embrace digitalisation.

With the launch of its beta product in May 2022, erad had a successful participation in the Fintech Saudi program to give the much-needed boost to the sector in the Kingdom.

Abu-Hammour further added that the e-commerce industry, in particular, was experiencing rapid growth within the region, but lacked suitable financing sources to take care of consumer acquisition and stock expenses.

Additionally, the business has signed up more than 25 firms for its network and has been accepted by Y Combinator, one of the top accelerator programmes in the world.

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