Saudi SME Alternative Lending Platform Eerad Raises $22M in Series A Led by MEVP
Saudi-based alternative lending platform Eerad has raised $22 million (approximately SAR 78.75 million) in a Series A funding round led by Middle East Venture Partners (MEVP), with participation from a syndicate of new and existing investors. The fresh capital will fuel the company’s expansion in financing small and medium enterprises (SMEs) across Saudi Arabia and the broader Gulf Cooperation Council (GCC) region.
The round saw participation from new institutional investors, including 500 Global, Saudi Venture Capital (SVC), S60 Ventures, ANB Capital, Conjunction Capital, and Araya Ventures. Returning investors also recommitted to the round, including Khwarizmi Ventures, Nuwa Capital, AlJazira Capital, Oraseya Capital, and Joa Capital.
The milestone follows an 8x year-on-year growth in Eerad’s operations in Saudi Arabia. To date, the platform has deployed over SAR 500 million (approximately $133 million) in SME financing, while receiving loan applications exceeding SAR 4 billion (around $1 billion)—underscoring significant regional demand for alternative capital to fund business growth and working capital.
Eerad has expanded beyond its initial core verticals to serve enterprises in logistics, medical equipment, and wholesale distribution, alongside manufacturing, retail, and healthcare. The platform leverages proprietary data-driven underwriting models to monitor client cash flows, mitigate credit risk, and manage ongoing borrowing requirements.
Salem Abu-Hammour, co-founder of Eerad, noted that SMEs account for nearly 50% of the region’s GDP and employ two-thirds of the GCC workforce, yet they continue to face a persistent funding gap that hampers expansion. He highlighted that this round represents a pivotal stage for the company as enterprise demand for rapid market access and liquidity accelerates.
Abu-Hammour added that the company has validated its model across diverse sectors seeking agile, fast financing. In the upcoming phase, Eerad will focus on penetrating new industries, rolling out tailored debt products, and supporting clients scaling across the region.
Financing from Eerad has directly translated into measurable business expansion for beneficiaries—funding vehicle fleet additions, inventory build-ups, new branch openings, and larger enterprise contracts without depleting operational liquidity. Clients receive funding approvals within an average of 48 hours, and 85% continue to grow with Eerad by expanding their credit facilities within their first year.
Jad El Boustani, Partner at MEVP, stated that the firm aims to help bridge the estimated $250 billion SME credit gap across the GCC while building a resilient, sustainable financing institution. He noted that Eerad’s team combines deep sector expertise with disciplined operational execution, demonstrated by their 8x annual growth in the Kingdom and 48-hour approval turnaround.
El Boustani added that Eerad’s tech-enabled underwriting balances rapid scale with robust risk controls, underscoring MEVP's ongoing commitment to Saudi Arabia and the wider GCC tech ecosystem.
Eerad currently provides a suite of working capital financing products tailored to varying sector needs, with in-house AI underwriting engines capable of processing larger transaction volumes and higher ticket sizes while keeping defaults in check. The platform offers Sharia-compliant facilities of up to SAR 10 million with flexible repayment terms aligned with borrower cash-flow cycles.
Following the Series A close, Eerad plans to develop specialized financial instruments designed around capital-intensive industries undergoing rapid regional expansion, such as industrial manufacturing and logistics. The company also intends to scale its regional headcount through strategic hires across technical, product, and commercial roles.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Al-Muhanna, and Yousef Saeed, Eerad operates as an alternative finance platform helping SMEs access Sharia-compliant working capital. The company relies on a data-first approach and proprietary technology to deliver swift, flexible credit solutions across Saudi Arabia and the UAE, serving sectors including healthcare, food & beverage, logistics, manufacturing, and wholesale trade.