Saudi fintech Erad has raised $22 million in a Series A round led by Middle East Venture Partners (MEVP). New investors in the round included Saudi Venture Capital (SVC), 500 Global, S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures. Existing backers Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital also participated.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini and Youssef Said, Erad is headquartered in Riyadh and provides financing solutions to small and medium-sized businesses.
The company offers Shariah-compliant financing products including working capital, receivables and supplier financing. Its application process uses business data and AI-assisted underwriting, with financing decisions available in as fast as 48 hours.
Erad plans to use the Series A capital to expand its financing products, move further into sectors including industrial, logistics and manufacturing businesses, and grow its technology and commercial teams across the region. The company has provided more than SAR 500 million in financing to SMEs and received more than SAR 4 billion in financing requests.
