MENA’s first regulated peer-to-peer finance platform (P2P) will use its recently procured funds to drive product development and assist its international expansion plans, particularly into Saudi Arabia.
Dubai-based Beehive has concluded a successful Series A round raising US$5 million, bringing the total funds raised by the firm since it launched in 2014 to US$10.5 million.
“We’re delighted to have the support of our strategic investors in this latest round which demonstrates the appetite for investment into fintech business 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.
Top on the agenda for the P2P financier, which has an Islamic solution, is to internationalize its business, starting with Saudi Arabia, the largest Islamic financial market in the world. In fact, this round of financing was led by a Saudi venture capital fund, Riyad TAQNIA Fund, founded by Riyad Capital and TAQNIA. The exercise was supported by the Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, as well as several other regional investors.
Beehive and MBRF first partnered in June to facilitate SME financing to Dubai entrepreneurs; in August, the partnership culminated in their first deal: a Murabahah amortized financing for an online store.
Fast forward two months later, Abdul Baset Al Janahi, CEO of Dubai SME, is now joining Beehive as a board member.
“Beehive is a fintech pioneer and we’ve already seen our strategic partnership with them translate into immediate and tangible results for SMEs and our investment will further strengthen that commitment,” said Abdul Baset.