Beehive, a Dubai, UAE-based fintech and lending company, announced it raised $4 million in funding from Riyad TAQNIA Fund (RTF) as part of its Series B funding round. Including this round, Beehive has raised $15.5 million in total funding since launching.
“This investment is testament to the success of the Beehive digital model and demonstrates RTF’s continued commitment to our growth. The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia,” said Beehive founder and CEO Craig Moore.
Beehive is MENA’s first regulated platform for peer-to-peer lending to be regulated by the DFSA. Here is a demo of how it works:
Beehive facilitated funding approaching $100 million to more than 450 business funding requests and registered nearly 10,000 international retail and institutional investors. And this investment comes on the heels of Beehive’s recent partnership with Thanachart Bank in Thailand.
“Beehive has proven itself as a leading fintech pioneer in the region, using innovative digital solutions to improve SME financing accessibility. We’re keen to support their future growth plans which include expansion into Saudi Arabia, bringing new funding options to Saudi businesses,” added Riyad Capital Deputy CEO Adel Al-Ateeq.
How does it work? Beehive directly connects businesses looking for finance with investors and creating mutually beneficial partnerships for growth. And Beehive combines financial market experience with technology and accelerates efficiency and functionality to deliver market innovation.