Saudi fund invests $4 mln in UAE fintech firm

04/03/2019 Argaam

 

Riyad TAQNIA Fund, a Saudi Arabia-based venture capital fund founded by Riyad Capital and TAQNIA, has invested $4 million in the UAE-based peer-to-peer lending platform Beehive.

 

The investment is part of a Series B funding round and it brings the total funding raised by Beehive to $15.5 million since its launch.

 

"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," commented Adel Al-Ateeq, Deputy CEO, Riyad Capital.

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