Saudi Arabia's Themar is set to combine forces with Beehive, aiming to bridge the small and medium enterprise (SME) financing shortage.
In a significant move for the Saudi Arabian business landscape, digital SME lending platform Beehive and crowdfunding platform Themar have announced their merger. This merged entity aims to deliver innovative, Shariah-compliant, and accessible financing solutions to businesses in the Kingdom.
The merger is a strategic move to address a SAR 500bn (£97.7bn) SME financing gap in Saudi Arabia. The combined capabilities of Beehive and Themar will create a powerful platform that will transform SME financing in the Kingdom and support Vision 2030, Saudi Arabia's initiative to expand SME lending and boost private sector growth to drive economic diversification.
Pete Tavener, co-founder and group chief financial officer and chief operating officer of Beehive, stated that the merger with Themar will be a significant milestone for the SME ecosystem in Saudi Arabia. Yousef H. Al Dabbagh, co-founder and chief operating officer at Themar, sees the merger as a catalyst for advancing SME growth across Saudi Arabia.
The merger is expected to significantly contribute to the growth and transformation of SMEs in Saudi Arabia. By offering digital and accessible funding solutions to entrepreneurs, the merged company will provide a scalable alternative to traditional banking channels. Following the deal, which is subject to regulatory approval, Beehive will become a regulated fintech lender in the Kingdom of Saudi Arabia.
The combined entity is expected to boost the Saudi private credit market, following a $150m pledge from Hassana and Franklin Templeton. This investment will further empower the merged company to deliver on its mission to support and grow SMEs in the Kingdom.
It's worth noting that there is no information available about the founder or the Chief Operating Officer of Themar in the search results. However, the merged entity will leverage Themar's local presence and regulatory standing to transform SME financing in the Kingdom.
The merger between Beehive and Themar is considered a significant event not only for the two companies but also for the broader SME ecosystem in Saudi Arabia. This merger is a step towards a more accessible and innovative financing landscape for businesses in the Kingdom, aligning with the goals of Vision 2030.
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