Beehive Raises $5M in Investment
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.