Partners with Maalem Financing for the fund set to revolutionize SME lending
FOODICS, the F&B and Retail tech startup based in Saudi Arabia, recently officially announced the launch of FOODICS CAPITAL, its micro lending arm.
The tech start-up, which offers an all in one restaurant management platform helping restaurant owners run their business, has announced it has raised US$ 100mn (SAR 375mn) to further support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans.
“With cash flow being a critical pain point for small business owners right now, we wanted to be able to offer them a one stop shop that also covers their finance needs and enables them to accelerate their growth rate,” commented Ahmad Al-Zaini, Co-Founder and CEO.
“This fund is set to revolutionize SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region,” remarked Abdullah Tahboub, CFO, FOODICS.
In order to launch the fund, FOODICS CAPITAL partnered with the KSA-based Maalem Finance, a leading provider in Shariah-compliant consumer and SME financing. The product has received the full SAMA (Saudi Arabian Monetary Authority) regulatory approval.
FOODICS has so far successfully serviced over five thousand customers and processed over a billion orders through the Foodics platform, totaling about US$200mn (SAR750mn) monthly in GMV (Gross Merchandise Value) transactions in 2020 and catering to over 10,000 F&B outlets.
