Dubai-based peer to peer lending platform Beehive has raised $4 million as part of its Series B round from Riyad Taqnia Fund (RTF), the startup announced today. The round takes total investment raised so far by Beehive to $15.5 million. RTF had first invested in Beehive in late 2017 by leading the $5 million series A round.
Founded in 2014 by Craig Moore, Beehive’s platform connects businesses with investors to help them raise money through peer-to-peer lending. The startup that claims to be MENA’s first regulated P2P lending platform allows investors to invest as little as 1,000 dirham after they’ve registered on the platform. Beehive makes money by charging both businesses and investors 2-4% on principal amount and payments.
According to the statement, Beehive since its launch has facilitated funding close to $100 million to more than 450 business funding requests and currently has over 10,000 international retail and institutional investors.
Craig Moore, Beehive Founder and CEO said, “This investment is testament to the success of the Beehive digital model and demonstrates RTF’s continued commitment to our growth. The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia.”
Adel Al-Ateeq, Deputy CEO, Riyad Capital, said, “Beehive has proven itself as a leading fintech pioneer in the region, using innovative digital solutions to improve SME financing accessibility. We’re keen to support their future growth plans which include expansion into Saudi Arabia, bringing new funding options to Saudi businesses.”