Saudi’s SIDF Boosts Industrial SMEs with Aajil Fintech Investment

Saudi Arabia’s SIDF Investment Company (SIC) has taken a notable step in strengthening the industrial SME ecosystem with a strategic investment in **Aajil**, the fintech startup formerly known as BuildNow. The company is carving out a niche as the region’s first “Buy Now, Pay Later” (BNPL) platform dedicated entirely to B2B transactions within industrial supply chains—a sector that’s often left grappling with rigid financing options.

From what I’ve seen in the MENA startup scene through Arageek’s coverage, there’s been a growing hunger for smart financial tools that actually match how our small manufacturers work on the ground. Financing is usually a bit of a faff for industrial SMEs, and access to quick liquidity can make or break a project. That’s where Aajil has been turning heads.

This new backing from SIC aligns nicely with Saudi Arabia’s **National Industrial Strategy** and the broader ambitions of **Vision 2030**—both of which aim to push innovation in industrial production and SME competitiveness. Aajil, for its part, has been busy digitising credit evaluation processes and offering Shariah-compliant financing for businesses needing raw materials or flexible working capital.

The fintech had already raised early funding from the likes of **RAED Ventures** and **Khwarizmi Ventures**, then followed that up with support from **Arbah Capital** and tech-focused fund **STV** earlier this year. These moves helped it prove its business model, shore up credit infrastructure, and deepen supplier relationships.

Founded in **2022**, Aajil has built its reputation on speed and reliability—two things SMEs value most when cash flow gets tight. The platform claims to assess credit and supply raw materials on deferred payment within 24 hours, which is, honestly, spot on for a market that often runs on tight schedules. To date, it’s facilitated materials worth over **SAR 300 million**, doubling its credit portfolio in just the past year alone.

SIC’s CEO **Fahad Alnaeem** described the investment as central to empowering SMEs that drive sustainable industrial growth. He said the partnership addresses cash flow choke points and encourages digital procurement—ultimately helping improve operational efficiency and industrial competitiveness.

Meanwhile, **Abdulla Sheikh**, Aajil’s CEO and co-founder, highlighted the deal as a “pivotal milestone” in their mission to scale BNPL services for SMEs across Saudi Arabia. He noted the aim is to attract hundreds more businesses across vital industrial sectors while expanding access to secure, Shariah-compliant trade solutions.

I reckon this kind of partnership could really change the lending game for industrial players who’ve long found traditional finance too slow or too rigid. And while it’s early days, the pace of Aajil’s growth suggests that connecting digital finance with physical supply chains was an idea whose time had come—about time, really.

And believe it or not, for startups wrestling with working capital, a 24-hour credit decision could be the difference between a project moving forward or grinding to a halt. It’s refreshing to see investment flowing into something so practical and, well… genuinely useful.

(And yes, I’m still curiously watching how fast these BNPL-for-business models spread beyond Saudi—it’s definately a space to keep an eye on.)

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