Just one month after launching, the first licensed digital lender in the UAE and MENA region, LNDDO, has raised a Seed round of $3 million led by H.H. Sheikh Tahnoon Bin Shakhboot Al Nahayan, to support LNDDO with its plans to boost the SME sector and strengthen the economy as a whole. Alongside this additional investment, LNDDO has also worked on optimizing and improving the efficiency of its application and loan approval processes. Through its strategic partnerships with various payment service providers, LNDDO has been able to drastically reduce end-to-end loan processing time. This translates into quicker working capital for SMEs which they can use for productive purposes such as adding new inventory, hiring new staff, marketing campaigns, etc.
LNDDO is revolutionizing the SME lending space and offering a ten-time faster turnaround time versus the norm. In standard cases, applying for a small business loan in the UAE was a lengthy and complicated process, taking six to eight weeks and reams of documentation. But, thanks to LNDDO’s new and approved application process and investment in technology, SMEs can now receive a credit decision in just a matter of minutes, and much-needed working capital funds can be disbursed and made accessible to small businesses within just a few days, which is ten-time faster turnaround than the current market average.
Officially authorised and regulated by the Financial Services Regulatory Authority (FSRA) under Abu Dhabi Global Market (ADGM) jurisdiction, LNDDO is a unique credit service designed to empower SMEs and encourage them to realise their full potential, nurture their creativity and achieve their goals.
Providing easy repayment options, the loans are suitable for digitally forward SMEs in various sectors, provided they have operating for a minimum of 12 months. Business can apply even if they do not have audited financial statements, and the visionary firm also plans to expand to Egypt and Saudi Arabia as early as next year.
Ashraf Ghazaly, Founder and CEO of LNDDO, commented: “Since launching in the region, I’m absolutely thrilled to announce that our services have been received tremendously well. Now, thanks to H.H. Sheikh Tahnoon Bin Shakhboot Al Nahayan we are able to assist and uplift even more small and medium-sized businesses and entrepreneurs. We thank HH for his commitment and vote of confidence in LNDDO, the team and its vision to empower SMEs with quick and easy access to financing.
This is fabulous news for the UAE’s hardworking business owners who can now spend time more time on running their business versus running around for funding. The SME sector in the UAE is on the cusp of a recovery from the aftereffects of the pandemic and is set to ride the growth wave boosted by the EXPO 2020 and various other government efforts. Quick access to funding will help accelerate a speedy revival for the sector."