Lendo vs Raqamyah: Saudi SME Lending Platforms Compared

If you're searching for SME financing in Saudi Arabia, Lendo and Raqamyah will appear in every shortlist. Both are licensed by the Saudi Central Bank (SAMA) under the debt-based crowdfunding regime, and both are faster than traditional banks. But they are not interchangeable. Picking the wrong one means either rejection because you fall outside their criteria, or acceptance under terms that don't fit your cash flow. This guide explains the real differences by sector, revenue size, and liquidity urgency so you choose the right platform the first time.

**Lendo** launched in 2019 and focuses on three core products: invoice financing for businesses with receivables from large clients, government contract financing, and short-to-mid-term working capital. Backed by Sanabil (a PIF subsidiary), Lendo's average ticket size leans toward the larger end of the SME spectrum.

**Raqamyah** launched in 2018 and offers peer-to-peer SME lending plus POS-based financing — a product designed for restaurants, retail, and cafés. Its tickets start smaller than Lendo's, making it accessible to a broader range of younger businesses.

| Criterion | Lendo | Raqamyah |

|---|---|---|

| License | SAMA (debt crowdfunding) | SAMA (debt crowdfunding) |

| Min annual revenue | Typically SAR 2M+ | From around SAR 500K |

| Ticket range | SAR 100K – 7.5M | SAR 50K – 3M |

| Headline product | Invoice and contract financing | POS-based financing |

| Tenor | 3 – 24 months | 3 – 18 months |

| Disbursement speed | 48 – 72 hours | 24 – 72 hours |

| Pricing pattern | Competitive, varies by credit | Competitive, slightly higher for smaller borrowers |

Numbers are approximate and change with platform policy and market conditions. Always verify current figures with the platform before applying.

**E-commerce and digital retail**: Raqamyah wins here thanks to direct integration with POS systems and payment gateways. If you have steady sales through Mada, STC Pay, or Visa, Raqamyah can assess your cash flow quickly and offer financing based on real sales rather than paper financials.

**Construction and government contracts**: Lendo is the clear choice. Its government contract financing is purpose-built — present a copy of your awarded contract from a government or quasi-government entity, and Lendo finances against the expected receivables. Raqamyah does not offer this product at the same maturity.

**B2B with large invoiced clients**: Lendo again. Its invoice financing supports discounting receivables owed by majors like Aramco, STC, or large contractors — getting you liquidity today instead of waiting 90-120 days.

**Restaurants, cafés, and direct services**: Raqamyah suits better, especially if your model is POS-driven with steady daily flow.

**Manufacturing and industrial**: Both offer working capital, but Lendo is usually a better fit for mid-sized industrial firms thanks to higher ticket sizes and longer tenors.

**Under SAR 1M annually**: Raqamyah or alternative platforms. Lendo often declines smaller businesses because it targets companies with stable, larger revenues.

**SAR 1M – 5M annually**: Raqamyah's sweet spot, and within Lendo's range too if you're at the upper end and need contract or invoice financing.

**SAR 5M – 25M annually**: Lendo dominates. Its products are built for this segment, and tickets stretch to SAR 7.5M per borrower.

**Above SAR 25M**: At this level, also consider traditional banks like Al Rajhi, SNB, and Riyad Bank, or CMA-licensed equity crowdfunding platforms such as Aldd Capital and Safqa Capital.

Both platforms market speed, and they are genuinely faster than banks — but with nuances. **Raqamyah** can issue initial approval in 24 hours for POS-based financing because the data is already in its system. **Lendo** typically takes 48-72 hours because it reviews invoices, contract copies, and maturity dates.

After approval, disbursement is usually within 24-48 hours on both. Budget 3-5 business days end-to-end from application to cash in your account.

If you're in an emergency and need cash in 48 hours, Raqamyah is the more probable winner — provided you have a clean POS history. For complex requests (government contracts, large invoices), expect 5-7 days with Lendo.

Pricing is sensitive because numbers move with the market. As a rule of thumb, both platforms are competitive with each other and with banks in the same segment, though higher than top-tier banks for large enterprises (because SME risk is higher). **Lendo** tends to price lower for larger borrowers because of secured products like invoice and contract financing. **Raqamyah** tends to price slightly higher for smaller borrowers, reflecting the risk of that segment.

Admin fees and platform fees differ between the two. Always ask for the effective APR — not just the headline rate. SAMA requires platforms to disclose all costs clearly.

Both platforms are licensed by SAMA under the debt-based crowdfunding regime. That means investor funds on the platform are protected by regulatory controls, the platform must fully disclose risks, and you have clear rights as a borrower — including seeing financing terms before signing and the right to early repayment under SAMA-defined conditions.

Using an unlicensed platform (some operate in the market without proper licensing) exposes you to legal and operational risk. Always verify the licensee list on SAMA's official website before signing anything.

Ask three questions: What is my annual revenue? What is the nature of my business (POS, invoices, contracts, other)? When do I actually need the cash?

If revenue is below SAR 2M and your business is POS-driven, start with Raqamyah. If revenue is higher and you have invoices or contracts with major counterparties, start with Lendo. If unsure, apply to both in parallel — applying does not commit you to accepting any offer.

**Can I apply to both at the same time?**

Yes. Applying alone does not commit you, and the impact on your business SIMAH file is limited unless you actually receive financing.

**Do they require a personal guarantor?**

Rarely. The primary collateral is the invoice, contract, or POS flow depending on the product.

**What if both reject me?**

Don't stop there. Other SAMA-licensed platforms like Funding Souq and Forus may approve. Also consider the Kafalah government program, which guarantees part of your financing and improves your chances at banks.

**Is the information here official?**

This guide is editorial and does not replace platform disclosures. Always verify numbers and terms directly with Lendo, Raqamyah, or via Diro before making a final decision.

Instead of opening accounts and submitting applications at every platform separately, Diro gives you one unified view to compare offers from Lendo, Raqamyah, and 60+ other SAMA-licensed providers — banks, finance companies, and crowdfunding platforms. You get real offers in under five minutes without affecting your business SIMAH record.

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