Lamaa, Riyadh-based FinTech startup, has raised $5.5 million in a seed round managed by Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed Ventures.
Founded in 2021, Lamaa offers SMEs financing solutions such as Supply Chain Finance and B2B Buy Now Pay Later, with the goal of improving working capital management for suppliers and increasing corporate return on treasury, in line with Vision 2030, that aims to enable and digitalize SMEs and boost their contribution to 35 percent of GDP by 2030.
Sumeet Khutale, founder and CEO of Lamaa said: “Lamaa has gathered significant traction with over 100 corporate clients in the pipeline and a projection of over $1 billion worth of invoices to be soon launched in Lamaa’s marketplace. In addition, to supply chain finance, we will soon start offering B2B Buy Now Pay Later which would be the first of its kind offering in the region. We also plan to expand in Egypt, UAE, and Qatar in the next few months.”