Lamaa, a Riyadh, Saudi Arabia-based fintech startup, raised $5.5M in seed funding.
The round was led by Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed.
The company intends to use the funds to extend its offering and expand into Egypt, UAE and Qatar in the next few months.
Led by Sumeet Khutale, founder and CEO, Lamaa is a fintech startup which provides invoice financing solutions for small and medium sized enterprises (SMEs). Its financing solutions such as Supply Chain Finance & B2B Buy Now Pay Later plans for SMEs aim to create efficient working capital management for suppliers and maximizing return on treasury for corporate, in line with Vision 2030 to enable and digitalize SMEs and raise their contribution to 35 percent of GDP by 2030.
Khutale, who has extensive experience in Investment Banking Technology and Cloud banking with global consulting companies such as Barclays Capital and JP Morgan, recently relocated from London to Riyadh.