Lammah Company for Arabic: $ 1 billion worth of orders on our platform

Lammah, a Riyadh-based fintech startup, has secured one of the largest round of financing of semi in Saudi Arabia worth $ 5.5 million led by Waed and Raed Ventures.

In an interview with Al Arabiya, Lamma’s chief executive Smit Khutali said the company’s business is focused on providing bill financing solutions to small and medium-sized businesses.

He said the equivalent of $ 25 million was paid this week in small and medium-sized business invoices, indicating that the word “lamma” colloquially means bringing people together, and this principle is at the heart of our business, and we are the first market for supply chain financing in Saudi Arabia and we will soon be expanding into the region as well. .

He explained that Lammah brings together financial institutions and banks with suppliers to pay the payments owed to them by a loan taker by making an offer on our platform.

And he indicated that one of Lamm’s biggest customers is, for example, Aramco, which has many suppliers, who can pay their payments through the platform without requiring bank guarantees or bills.

It revealed that Lammah Company does not promise a specific yield or interest rate to the financier, but rather this number is determined between financial institutions and companies. in based on supply and demand.

He explained that the largest beneficiary of these services are small and medium-sized enterprises, as competition between investors and banks leads to a reduction in the interest payable by the recipient companies and for us we develop returns through commissions we impose on these operations of around 10 to 15 points. base in change in the operation and management of this market.

He said Lammah has about a billion dollars in portfolio, and during the week we had deals with 100 million riyals, and the equivalent of 25 million dollars in invoices, and we’ve also seen bills starting at $ 100,000 to $ 64 million, expecting positive returns early next year.

Revealed that the proceeds of the round of funding will be spent to gain more customers, expand into the region and add new features to the platform, such as the option to buy now and pay in followed for small and medium-sized businesses and enterprises, noting that the platform expects to achieve returns by the end of the year and we expect to achieve positive returns early next year.