Funding Souq gets license from SAMA to operate debt crowdfunding platform

By Shilpa Annie Joseph, Official Reporter
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Funding Souq gets SAMA license
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Funding Souq, an SMEs financing and investment platform, has obtained a license from the Saudi Central Bank (SAMA) to operate its debt crowdfunding platform in the Kingdom of Saudi Arabia.

Funding Souq aims to fuel SME growth, create jobs, and drive the economy forward in Saudi Arabia. By connecting established SMEs with retail and institutional debt investors worldwide, the platform provides accessible business loans to support the growth aspirations of local businesses.

As one of the G20 countries and the largest economy in the region, Saudi Arabia offers great opportunities for growth and expansion. Recognizing the bold steps the Kingdom has taken to open itself up for business, Funding Souq has chosen Saudi Arabia as its new market.

The Kingdom of Saudi Arabia has made significant strides in addressing the financing needs of SMEs. With solid legal infrastructure, including promissory notes, and a robust digital infrastructure through platforms like Nafath, financing has become more efficient and accessible for businesses.

Martin, CEO and Founder of Funding Souq, said that, “We are pleased to announce that we have officially obtained our license from the Saudi Central Bank. We look forward to supporting the growth of local SMEs in Saudi Arabia and providing an excellent investment experience for our investors.”

Funding Souq was established in September 2020 in Dubai and has since made remarkable progress in supporting SMEs across the Middle East. With the Saudi Central Bank license in place, Funding Souq is poised to revolutionize the financing landscape for SMEs in Saudi Arabia, as per the statement.

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