Lamaa, a Riyadh-based fintech, has raised US$5.5 million for its invoice financing solutions for SMEs, in one of the largest seed funding rounds in Saudi Arabia. The round was co-led by Raed Ventures and Saudi Aramco’s entrepreneurship arm Wa’ed. Meanwhile, Lamaa plans to use the funds to bridge the funding gaps for SMEs, start offering B2B ‘Buy Now Pay Later’ services, and expand its operations across the UAE, Egypt, and Qatar in the coming few months.
