SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Food, Beverages & Restaurant(Food Industry)
Filter PR by
  
Tech Startup FOODICS Launches A US$100m Micro Loan Fund To Support SMEs
Tech Startup FOODICS Launches A US$100m Micro Loan Fund To Support SMEs
● Foodics Capital Fund set to further help small business owners post Covid-19
● Foodics partnered with Maalem Financing for the Fund set to revolutionize SME lending
● Micro loans are Shariah-compliant and focused on helping restaurants expand faster
 
27 October 2020, Riyadh, Saudi Arabia:   FOODICS, the F&B and Retail tech startup based in Saudi Arabia, officially announced today 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$100 million (SAR 375m) to further support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans.
Ahmad Al-Zaini, Co-Founder and CEO commented, “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.”
 
Abdullah Tahboub, FOODICS’ CFO added, “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. Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in 7 days. FOODICS CAPITAL is able to extend loans from US$5,000 (SAR 18,750), up to US$133,000 (SAR 500,000) as and when needed by small businesses.”
 
In order to launch the fund, FOODICS CAPITAL partnered with the KSA-based Maalem Finance, leading provider in Shariah-compliant consumer and SME financing. The Product has received the full SAMA (Saudi Arabian Monetary Authority) approval. Phase 1 will primarily benefit existing FOODICS customers, who are pre-qualified, and will then be rolled out more widely in KSA before year end.
Al-Zaini concluded, “A finance offering was always part of our vision, in order to offer a true one stop platform for owners to manage their business. FOODICS is indeed very proud to now allow merchants to finance their working capital by giving them access to Shariah-compliant micro loans through FOODICS CAPITAL, staying true to our objective of always bringing more value to our customers and making their lives easier.”
 
FOODICS has so far successfully serviced over five thousand customers and processed over a billion orders through the Foodics platform, totaling about US$200m (SAR750m) monthly in GMV transactions in 2020 and catering to over 10,000 F&B outlets. Having already established a strong presence in KSA and the UAE since its inception in 2014, Foodics entered Egypt last month, whilst also in the process of closing its series B funding round.

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 4911 times
PR Category : Food Industry
Posted on : Tuesday, October 27, 2020  10:57:00 AM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
My Review Of Laser Treatment And Spider Veins [55256-Views]
Tonda Reine de Mai for Elegant Lady [24612-Views]
Hijri Perpetual Calendar Platinum [24592-Views]
Tonda Reine De Mai for Elegant Lady* [23600-Views]
La Panthère Perfume [15154-Views]
Balqees Fathi Launches BEX Beauty [14949-Views]
[SUR]Naturel – Fine Jewellery [14489-Views]
Enhance your Mood with Rasasi Perfumes [14104-Views]
Stunning Depth Haute Joaillerie Collection 2020 [13128-Views]
Gillette® Middle East Launches Its First of Its Kind Heated Razor [13108-Views]
Hublot Celebrates Oman's Jubilee [12804-Views]
Pandora: For the Magic in You [11960-Views]
Pandora Launches New AR Filters Inspired by the Star Wars™ X Pandora Collection [11808-Views]
Tonda: Watches to Celebrate Every Woman's Wrist [11480-Views]
Global Private Wealth Holders Set to Almost Double Impact Investing Allocation Over Next Five Years [11271-Views]
Police Rockstone Wallet and Card Case [10373-Views]
Buyers Can Seal Deals with Contacts Around the World at WTM Virtual [10041-Views]
Pandora is on a Mission to Spread Love and Holiday Spirit With Its First Animated Short Film: ‘One... [9930-Views]
The Season to Sparkle! [9532-Views]
6 Reasons to Shop Sephora Beauty November [9500-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories