The Saudi startup “The Lending Hub,” a peer-to-peer crowdfunding platform, has secured 12 million SAR (approximately $3.1 million) in a funding round led by Embark and angel investors.
Founded in 2023 under Embark’s umbrella, The Lending Hub connects individuals seeking financing with direct investors. This new funding will help the company enhance its services and expand to meet the growing demand for financing in the Saudi market.
The Saudi crowdfunding market is experiencing significant activity, driven by the increasing number of startups and the expansion of accelerators and business incubators. The market size has reached around 4 billion SAR.
During the Fintech24 conference in Riyadh, CEO Fahad Al-Mudaiheem stated, “The Lending Hub was established under Embark, which supports innovation in fintech. Embark aims to create a positive and sustainable impact by supporting startups and innovative projects in various fields, including tech, finance, and AI, aligning with Saudi Vision 2030.”
Al-Mudaiheem added, “This investment will help us improve our services and expand our reach to meet the increasing demand for financing in the Saudi market. We are grateful to the Saudi Central Bank for their continuous support and trust, which enables us to achieve new milestones and offer innovative financial solutions.”
The Lending Hub, founded in 2023, provides peer-to-peer financing services by directly linking those seeking funds with investors.
