Beehive Raises $5M in Investment
Beehive, MENA’s leading peer to peer lending (P2P) platform, has secured $5m investment as part of a Series A round led by Riyad TAQNIA Fund and supported by the Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, as well as several other regional investors. This latest round brings the total raised by Beehive to $10.5m since its launch.
Launched in 2014, Beehive uses innovative technology and flexible Sharia compliant financing solutions to directly connect established businesses with investors, giving SMEs faster access to lower cost finance and investors attractive returns and diversified risk. To date, Beehive has successfully facilitated finance of over $35 million (AED 130 million) to more than 200 business funding requests and registered more than 5000 international investors.
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.In March, Beehive also became the first peer to peer lending platform in MENA to be regulated by the DFSA.
“We’re delighted to have the support of our strategic investors in this latest round which demonstrates the appetite for investment into fintech businesses in the region and will enable us to further expand the Beehive digital model and drive product and market expansion,” said Craig Moore, Beehive Founder and CEO.
“Beehive has attracted us as the pioneering regulated P2P lending platform in MENA. It has engaged in building strategic agreements with government and large corporates in the UAE, where it fulfills a clear financing need. We are particularly excited to support the company’s expansion into Saudi Arabia where it would finance Saudi SMEs.”, commented Adel Al-Ateeq, Acting CEO, Riyad Capital