- Saudi Arabia-based fintech Forus Capital has secured an undisclosed Series A funding round co-led by Yazeed Alrajhi and Brothers Holdings and Riyad Fintech Fund — the fintech venture backed by Riyad Bank.
Founded in 2019 by Nosibah Alrajhi, Forus is a Shariah-compliant debt marketplace that offers investors opportunities to invest in the SME debt market.
Forus claims to have originated more than $16 million in deployed financing to more than 57 SMEs, with an aim to become the lender of choice for SMEs in Saudi Arabia and the Mena region.
The female-led fintech will direct the funding towards further technology innovation and expanding its market share and offerings.
Forus Capital, Saudi Arabia’s leading Islamic P2P lending marketplace, has secured Series A funding. The round was co-led by Yazeed Alrajhi and Brothers Holdings and Riyad Fintech Fund — the fintech venture backed by Riyad Bank.
Founded in 2019 by Saudi female entrepreneur Nosibah Alrajhi, Forus is redefining SME financing through its debt marketplace with the objective of bridging the funding gap for small and medium businesses (SME) in Saudi Arabia, while offering investors attractive opportunities to invest in the SME debt market. Its state-of-the-art API-driven underwriting technology enables SMEs to secure funding in a seamless and quick way digitally.
Since its inception, Forus platform has successfully originated more than SAR60 million in deployed financing to more than 57 SMEs and aspires to be the lender of choice for SMEs in Saudi Arabia & the Mena region.
Nosaibah Alrajhi, Forus CEO Said:
“The debt market is witnessing an accelerated level of disruptions and Forus is keen to play a major role in that. This investment by such a sophisticated cohort of institutional investors serves as a testament of Forus trajectory as a major player in the Saudi P2P lending market and represents yet another vote of confidence in the evolving Saudi fintech scene.”
The funding will be channelled towards further technology innovation and expanding Forus’s market share and offerings.