Beehive, a Dubai, UAE-based peer to peer lending (P2P) platform, secured $5m in Series A funding.
The round was led by Riyad TAQNIA Fund with participation from the Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, as well as several other regional investors.
The company intends to use the funds to further expand its digital model and drive product and market expansion.
Led by Craig Moore, Founder and CEO, Beehive provides a P2P platform for the MENA region. It facilitates flexible Sharia compliant financing solutions for established SMEs seeking finance from AED 100,000 for up to 3 years.
Beehive directly connects businesses looking for finance with a crowd of investors, creating mutually beneficial partnerships for growth. Individual investors can invest as little as AED 100 into any business listed on the platform. Beehive undertakes thorough due diligence on each business listed on the platform and facilitates the finance agreement between the business and investors, charging a small percentage fee of the finance amount.
To date, the company has facilitated finance over $35m (AED 130m) to more than 200 business funding requests and registered more than 5000 international investors.