erad Raises $22 Million Series A Led by MEVP to Accelerate SME Financing Across the GCC

erad, the Riyadh-headquartered alternative financing platform for small and medium-sized enterprises (SMEs), has closed a $22 million Series A round (SAR 78.75 million) led by Middle East Venture Partners (MEVP). New investors in the round include SVC, 500 Global, S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures, while existing backers Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital also participated.

"SMEs represent approximately 50% of regional GDP and employ two‑thirds of the workforce across the GCC, yet face a financing gap that limits their growth," said Salem Abu‑Hammour, co‑founder of erad. "This round marks a pivotal chapter for erad as our clients seek speed to capital and markets. We have proven that our model works and businesses across sectors are coming to us because we make financing fast, fair, and frictionless."

Funding and traction

The Series A comes after a period of rapid expansion for erad: the company reports 8x year‑over‑year growth in Saudi Arabia and says it has deployed over SAR 500 million (around $133 million) in cumulative financing to SMEs. To date erad has received more than SAR 4 billion (roughly $1 billion) in financing requests, pointing to substantial unmet demand across the GCC.

• Round size: $22 million (SAR 78.75 million)
• Cumulative deployed financing: SAR 500 million (~$133 million)
• Financing requests received: SAR 4 billion (~$1 billion)
• Financing available per business: up to SAR 10 million
• Average approval time: 48 hours
• Customer retention/growth within first year: 85%

erad offers Shariah‑compliant working capital solutions across sectors including healthcare, food & beverage, logistics, manufacturing and wholesale distribution. The company says its proprietary AI and data‑driven underwriting models allow it to monitor client cash flows, limit risk and scale to higher volumes and larger ticket sizes. Typical uses of capital cited include fleet expansion, inventory, new locations and securing larger contracts without tying up operating cash.

Investor view and strategic focus

"We're backing erad because they're addressing the GCC's $250 billion SME financing gap while building a sustainable, high‑quality financing business," said Jad El Boustani, partner at MEVP. "What gives us the most conviction is the team: Salem and the founding team have paired real domain expertise with disciplined execution, turning a clear market need into 8x year‑over‑year growth in Saudi and a 48‑hour approval engine that scales."

The Series A proceeds will be used to expand the company’s product suite, deepen sector coverage and grow its regional team, with strategic hires planned across technology and commercial functions. erad specifically plans to build new financing products geared toward capital‑intensive industries such as industrial, logistics and manufacturing — sectors where it is already seeing rising demand.

Founded in 2022 by Salem Abu‑Hammour, Faris Yaghmour, Abdulmalik Almeheini and Youssef Said, erad positions itself as a technology‑first financing partner for SMEs in Saudi Arabia and the UAE. The company emphasizes Shariah compliance, faster turnaround times and tailored financing structures as it seeks to capture a larger share of SME working capital needs across the GCC.