Bee­hive Raises $5M in In­vest­ment

Arabnet - The Quarterly - - Industry Stories -

Bee­hive, MENA’S lead­ing peer to peer lend­ing (P2P) plat­form, has se­cured $5m in­vest­ment as part of a Se­ries A round led by Riyad TAQNIA Fund and sup­ported by the Mo­hammed Bin Rashid Fund (MBRF), the fi­nan­cial arm of Dubai SME, as well as sev­eral other re­gional in­vestors. This lat­est round brings the to­tal raised by Bee­hive to $10.5M since its launch in 2014, Bee­hive uses in­no­va­tive tech­nol­ogy and flex­i­ble Sharia com­pli­ant fi­nanc­ing so­lu­tions to di­rectly con­nect es­tab­lished busi­nesses with in­vestors, giv­ing SMES faster ac­cess to lower cost fi­nance and in­vestors at­trac­tive re­turns and di­ver­si­fied risk. To date, Bee­hive has suc­cess­fully fa­cil­i­tated fi­nance of over $35M (to more than 200 busi­ness fund­ing re­quests and reg­is­tered more than 5000 in­ter­na­tional in­vestors. In­di­vid­ual in­vestors can in­vest as lit­tle as AED 100 into any busi­ness listed on the plat­form. Bee­hive un­der­takes thor­ough due dili­gence on each busi­ness listed on the plat­form and fa­cil­i­tates the fi­nan­cial agree­ment be­tween the busi­ness and in­vestors, charg­ing a small per­cent­age fee of the amount. In March, Bee­hive also be­came the first peer-to-peer lend­ing plat­form in MENA to be reg­u­lated by the DFSA.

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