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Mon 4 Mar 2019 02:47 PM

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Dubai lending platform secures new funding for expansion plan

Beehive says it has won a further $4m to help drive GCC and South East Asia expansion

Dubai lending platform secures new funding for expansion plan
Craig Moore, Beehive founder and CEO.

Beehive, the Dubai-based peer to peer lending platform, has secured $4 million of follow on investment from Riyad Taqnia Fund (RTF) as part of a Series B funding round.

This latest round brings the total raised by Beehive to $15.5 million since its launch, it said in a statement.

Craig Moore, Beehive founder and CEO said: "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."

He added that Beehive has successfully facilitated funding approaching $100 million to more than 450 business funding requests and registered nearly 10,000 international retail and institutional investors.

The investment follows the recent announcement of Beehive's partnership with Thanachart Bank in Thailand to provide a new Value Chain Financing Program for SMEs.

"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," said Adel Al-Ateeq, deputy CEO, Riyad Capital.

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