Saudi Arabia: A loan fund of $ 100 million to support small and medium enterprises

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Foodics today announced the launch of Foodics Capital, the company’s small loan arm

The emerging technology company, which provides a single platform for managing restaurants and points of sale to help restaurant and cafe owners manage their business, confirmed that it has managed to raise an amount of US $ 100 million (375 million Saudi riyals) to support Saudi food and beverage traders to overcome the consequences of the Covid-19 pandemic. By enabling them to obtain small loans compatible with Islamic law.

“Cash flow is an important point for small business owners at the moment, so we wanted to provide them with a comprehensive platform that covers their financial needs as well, in order to drive the growth of their business,” said Ahmed Al-Zaini, co-founder and CEO of Foodics.
For his part, Abdullah Tahboub, CFO of Foodex, said: “By launching this fund, we seek to revolutionize the way SMEs lending, as the fund will enable beneficiaries to borrow faster and more flexibly than most lending facilities in the region. , Whereby everything related to the application is completed electronically through our platform, with initial approval being granted within less than 24 hours and final approval within seven days. The size of loans provided by Foodex Capital ranges from $ 5,000 (18,750 Saudi riyals) to $ 133,000. (500,000 Saudi riyals) as needed by small projects.
In order to launch the fund, Foodics Capital has partnered with Maalem Finance, a company based in the Kingdom of Saudi Arabia, which is a pioneer in the field of Sharia-compliant financing for individuals and small and medium businesses. The product is also approved by the Saudi Arabian Monetary Agency. The first phase will mainly focus on existing Foodex customers, who are pre-qualified, after which loans will be made widely available in Saudi Arabia before the end of the current year.
“Providing project financing has been part of our vision from the start, with the aim of providing an integrated platform for business owners to be able to manage their business in the best way possible.” At Foodics we are proud of our ability today to allow traders to finance their working capital by giving them access to loans. Small, Sharia compliant with Foodex Capital, while maintaining our goal of enhancing the added value that we provide to our customers and facilitate their business. “
Foodics has so far succeeded in serving more than five thousand customers and executing more than one billion requests through the Foodex platform, with a total value of 200 million US dollars (750 million Saudi riyals) per month in 2020. The company currently provides its services to more than five Thousands of customers and ten thousand restaurants and food and beverage outlets. After consolidating its position in the Saudi and Emirati markets since its first launch in 2014, Foodics launched its operations in Egypt last month and is currently in the process of closing its second investment round

 

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