Fasanara backs Saudi crowdlending platform with $60m
Fasanara Capital has provided a $60m (£48.22m) securitisation debt facility to Saudi Arabia’s Forus, a debt crowdlending platform which specialises in capital solutions for small- and medium-sized enterprises (SMEs).
The funding will be used to help Forus to scale into one of the biggest non-bank providers of debt financing to SMEs in Saudi Arabia.
“At Forus, we are deeply committed to empowering Saudi SMEs by addressing their funding challenges through innovative, tech-driven solutions,” said Nosaibah Alrajhi, founder and chief executive of Forus.
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“Securing this $60m facility from Fasanara is a significant milestone in our journey to become a leading non-bank lender to SMEs in the Kingdom.
“This partnership reflects our shared vision of fostering economic growth and aligns with Saudi Vision 2030’s goal of enhancing SMEs’ contributions to GDP. By leveraging this facility, we aim to provide rapid, reliable, and accessible working capital to even more SMEs, ensuring they have the resources they need to thrive and scale in today’s dynamic market.”
Forus was founded in 2019, and the following year it received one of the first debt crowdfunding licenses issued by the Saudi Arabian Monetary Authority (SAMA).
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To date, it has provided more than $390m in working capital to over 400 Saudi SMEs. Its aim is to support Saudi Arabia’s Vision 2030 goal of increasing SMEs’ contribution to Saudi Arabia’s GDP from 20 per cent to 35 per cent by 2030
“We are excited to have the chance to support the Saudi SME ecosystem through this funding partnership with Forus, a leading fintech SME lender in the Kingdom,” said Francesco Filia, founder and chief executive of Fasanara.
“As a firm, Fasanara is committed to supporting SMEs globally and is proud to have funded more than $80bn over the last 14 years to local lenders across 60+ countries, leveraging a tech-driven approach to risk management and monitoring.
“Forus’ tech-enabled approach to SME lending aligns with our strategy. We are confident that our partnership with Forus will enable them to effectively scale their portfolio to provide much needed working capital to the SMEs which are the future of the Saudi economy.”
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