Saudi Arabia-based fintech Manafa has closed $28 million in a Series A funding round led by STV and Wa’ed Ventures, the venture capital arm of Saudi Aramco.

Founded in 2018 by Abdulaziz Al-Adwan and Amr Murad, Manafa offers financial products designed to meet the needs of small and medium-sized enterprises (SMEs) in various sectors through debt and equity financing based on a crowdfunding model. The company's platform has been licensed by the Saudi Central Bank (SAMA) and the Saudi Capital Market Authority (CMA).

To date, the company has funded over 180 SMEs, with a total funding amount of more than SAR1.5 Billion (~$399 million), through its platforms and with the participation of more than 100,000 retail and institutional investors.

With this funding, Manafa plans to turbocharge its growth in the Saudi market, and expand its offering with the launch of several products and financing solutions across untapped sectors; in addition to doubling the number of investors who are provided with the opportunity to invest in previously-inaccessible alternative asset classes.

As the demand for financing among SMEs in Saudi Arabia continues to grow, Manafa aims to address this need by providing a broader range of local retail and institutional investors the opportunity to invest.

This ambitious growth strategy is expected to significantly enhance the company's presence in the market and provide even more opportunities for small and medium-sized enterprises (SMEs) to access the financing they need.