AI
Saudi Arabia
UAE
EgyptSaudi’s Forus Bags $60 Million Boost to Power Local SMEs Forward
2 min
Forus's Ongoing Impact: Since 2019, Forus has been a financial lifeline for over 400 Saudi SMEs, providing more than $390 million in working capital.
Amplifying Support with New Funding: The recent $60 million credit facility secured by Forus from Fasanara Capital is expected to enable the company to provide over $150 million in working capital loans to Saudi SMEs, thereby amplifying its positive impact on the local economy.
Alignment with Saudi Vision 2030: This initiative is a robust step towards fulfilling Saudi Vision 2030's ambitious goal of increasing SMEs' contribution to the national GDP from 20% to 35%.
Fasanara Capital's Global Expertise: With a track record of funding over $80 billion to fintech lenders across 60+ countries in the past 14 years, Fasanara Capital brings a wealth of global experience to the partnership.
In a thrilling development that's set to energize Saudi Arabia's entrepreneurial scene, Forus, a leading peer-to-peer lending platform born and bred in the Kingdom, has just landed a substantial $60 million credit facility from Fasanara Capital, a renowned investment manager based in London. This partnership isn't just a financial transaction—it's a confidence boost for countless SMEs striving to make their mark.
Since opening its doors in 2019, Forus has become much more than a lender; it's been a steadfast partner to over 400 Saudi SMEs, pumping more than $390 million in working capital into the veins of the economy. Leveraging cutting-edge technology and innovative financial solutions, Forus has tackled the funding barriers that often hold back budding businesses.
Nosaibah Alrajhi, the passionate Founder and CEO of Forus, couldn't contain her excitement about this game-changing collaboration. "We're absolutely thrilled to team up with Fasanara," she said. "This $60 million isn't just about numbers—it's about empowering our local businesses to reach new heights. We believe in the potential of Saudi SMEs, and with this support, we're more committed than ever to breaking down the financial hurdles they face."
The infusion of funds is poised to unlock over $150 million in working capital loans for Saudi SMEs. That's a big deal—not just for Forus, but for the entrepreneurs on the ground who are driving innovation and job creation. This move aligns seamlessly with the broader Saudi Vision 2030, which ambitiously aims to elevate the SME sector's contribution to the nation's GDP from 20% to a whopping 35%. It's a vision that sees SMEs not just as participants in the economy, but as pivotal players in shaping the country's future.
Francesco Filia, Founder and CEO of Fasanara Capital, shared his enthusiasm about stepping into the Saudi market. "We're genuinely excited to support the dynamic SME ecosystem in Saudi Arabia," he remarked. "Partnering with Forus allows us to extend our commitment to innovation in fintech and make a real difference where it's needed. We're looking forward to seeing these businesses thrive and contribute to the Kingdom's vibrant economy."
This strategic alliance is more than just a business deal; it's a meeting of minds and missions. It underscores the growing importance of fintech solutions in addressing the unique challenges faced by SMEs. By combining Forus's local insight and technological prowess with Fasanara's global expertise and resources, the partnership is well-positioned to make a tangible impact.
