Saudi fintech erad raises $22 million Series A led by MEVP
Saudi Arabia-based fintech erad has raised $22 million in Series A funding led by MEVP, with participation from new investors 500 Global, Saudi Venture Capital (SVC), S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures, alongside existing investors Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini and Youssef Said, Riyadh-headquartered erad provides SMEs in Saudi Arabia and the UAE with Shariah-compliant working-capital financing of up to SAR10 million.
The company uses data and AI to assess businesses and provide approvals within an average of 48 hours. Erad has deployed over SAR 500 million ($133 mn) in cumulative financing to SMEs and received more than SAR 4bn ($1bn) in financing requests from SMEs to date.
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The company will use the Series A funding to develop new financing products, expand further across the GCC and grow its technology and commercial teams, with a particular focus on capital-intensive sectors including industrial, logistics and manufacturing.
In November 2025, erad secured a $125 million scalable facility led by Jefferies.
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