- Oman-based SME developer company Sharakah has come on board with UAE-based fintech Beehive as a new investor.
- The new partnership will allow Beehive and Sharakah to help the growth of the SME economy by providing accessible finance.
- Founded in 2014 by Craig Moore, Beehive is a peer-to-peer (P2P) lending platform that connects businesses seeking funding with investors, giving them faster access to lower-cost finance.
- Beehive claims to have facilitated over $5.19 million in SME funding since starting operations in Oman six months ago.
- Last month, UAE-based “e& enterprise” acquired a majority stake in Beehive, for a valuation of $35 million.
Sharakah, a closed joint stock company incorporated by Royal Decree No. (76/98), has come on board with Beehive, a leading fintech company, as a new investor. Sharakah contributes to SME development in Oman and provides finance to support Oman's vision to diversify the economy. Together, Beehive and Sharakah look to help the growth of the SME economy by providing fast, accessible finance.
Beehive is a peer-to-peer lending platform headquartered in Dubai, which has funded GCC-based SMEs over AED1.5 billion since its inception in 2014. Beehive connects businesses seeking funding with investors, eliminating the cost and complexity of conventional finance. The result is a more efficient, streamlined process that gives businesses faster access to lower-cost finance.
With Sharakah on board as an investor, Beehive's liquidity will increase, enabling funding for more SMEs across Oman. Beehive provides access to finance for SME growth and will lend collateral-free, debt-based finance to strong, creditworthy companies. Businesses can borrow from OMR20K on repayment terms between 6-36 months.
Ali bin Ahmed Muqaibal, CEO of Sharakah, said: "This partnership with Beehive marks an important milestone for Sharakah in our mission to drive SME development in Oman and support the diversification of our economy. Through our collaboration with a reputed innovative fintech platform, we aim to contribute to the growth of the SME sector and provide fast, accessible finance to empower businesses. Together, we will create a favourable ecosystem that empowers small businesses and contributes to Oman's overall prosperity."
Craig Moore, Founder and CEO of Beehive said, "Beehive has been operating in Oman for six months and has facilitated over OMR 2 million in SME funding. This is the proof we need to show how important easy access to finance for growth is for small businesses in Oman. We're thrilled to have Sharakah on board to help us work towards a more prosperous future for SMEs."