The Saudi Central Bank has granted Islamic P2P finance platform Themar with a license to provide crowdfunding solutions, bringing the number of authorized debt-based crowdfunding solutions provider in Saudi Arabia to seven.
Founded in 2020 by Amer Siddiki and Yousef AlDabbagh, Themar focuses on small and micro businesses with short-term business financing while providing Halal investment opportunities to both retail and institutional investors. According to Crunchbase, the Islamic fintech in April last year closed a pre-seed funding round for an undisclosed amount, which was participated by Switzerland-based SVC and angel investors.