Lending platform Beehive secures $4M investment
One of the upcoming waves in the startup landscape in the Middle East is FinTech. Of course, FinTech is a broad term, but that is because it is widely applicable. With many antiquated business processes and corporates in the financial sector in the Middle East, it is hardly surprising that financial technology shows such promise. One of the fields that is exploited by FinTech is peer-to-peer (P2P) lending, where no intermediary or bank is necessary.
Beehive, one of the most well-known P2P lending platforms in the region, recently announced that it had raised its $4M Series B funding round from the Riyadh TAQNIA Fund (RTF), with which it aims to further expand its business. Craig Moore, Founder and CEO of Beehive, said, "This investment is testament to the success of the Beehive digital model and demonstrates RTF's continued commitment to our growth. The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia."
Learn more about Beehive and its business here.