Riyadh – Sharikat Mubasher: The Lending Hub announced closing a funding round of SAR 12 million, led by the venture builder Embark and several angel investors on the sidelines of the 24 Fintech Exhibition, which runs in Riyadh from September 3rd to 5th.
This achievement comes with significant support from the Saudi Central Bank, which plays a pivotal role in promoting innovation and development in the fintech sector, as part of efforts to achieve the goals of Saudi Arabia’s Vision 2030.
On this occasion, Fahad Almudaiheem, CEO of The Lending Hub commented: “The company was established under the umbrella of Embark – the business development mine – which supports innovation in the fintech field. Embark seeks to create a positive and sustainable impact by backing up emerging startups with multiple solutions including fintech and AI, which aligns with aspirations of Vision 2030.”
Founded in 2022, The Lending Hub is a peer-to-peer crowdfunding platform that aims to provide underbanked borrowers with quick access to alternative funding options, which created an online marketplace that connects these borrowers with a diverse crowd of lenders who are looking to diversify their investment portfolios by investing in small-ticket loans.