Lamaa
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Lamaa - overview
Established
2021
Location
Riyadh, -, Saudi Arabia
Primary Industry
Financial Services
About
Based in Riyadh, Saudi Arabia, and founded in 2021 by its CEO, Sumeet Khutale, Lamaa operates as a financial service company that provides loans secured against outstanding invoices to small and medium-sized enterprises. In December 2021, Lamaa raised USD 5. 5 million in seed funding, co-led by new investors RAED Ventures and Wa'ed. As of December 2021, the company has provided its service to more than 100 corporate clients and processed over 8 million invoices with a transaction amount of USD1 billion.
The company's cloud-based platform provides invoice financing solutions that enable its clients to borrow money against unpaid invoices from their customers. The company's solutions help businesses improve cash flow, pay employees and suppliers, and reinvest in operations and growth. Lamaa will use the seed funding to expand its service by offering B2B Buy Now Pay Later and also plan to expand the company into Egypt, UAE, and Qatar.
Current Investors
RAED Ventures, Saudi Aramco Entrepreneurship Ventures
Primary Industry
Financial Services
Sub Industries
e-Financial, Accounting/Finance Software
Website
www.lamaa.sa
Verticals
FinTech, Mobile Apps
Company Stage
Angel & Seed
Total Amount Raised
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