Forus Raises $60M from Fasanara to Expand SME Financing in Saudi Arabia

Forus Raises $60M from Fasanara to Expand SME Financing in Saudi Arabia

By Press Release 04 February 2025
Nosaibah Alrajhi wearing a grey hijab and a light-colored outfit smiles warmly in a well-lit indoor setting, representing Forus raising $60M from Fasanara Capital.

Nosaibah Alrajhi, Forus Founder and CEO

Forus, one of Saudi’s leading debt crowdlending platforms specialising in working capital solutions for SMEs, has secured a $60 million securitization debt facility from Fasanara Capital Ltd (“Fasanara”), a London-based investment manager with over $4.5 billion in assets under management. This funding will enable Forus to scale towards becoming one of the largest non-bank providers of debt financing to SMEs in Saudi Arabia.

Founded in 2019, with lending operations kicking off in 2020 following the receipt of one of the first debt crowdfunding licenses issued by the Saudi Arabian Monetary Authority (SAMA), Forus has already provided funding for more than $390 million in working capital to over 400 Saudi SMEs. As of Q2 2024, there are more than 1.5 million SMEs active in Saudi Arabia, accounting for 99.5% of all companies and providing jobs to more than 6.5 million people.

At Forus, we are deeply committed to empowering Saudi SMEs by addressing their funding challenges through innovative, tech-driven solutions. Securing this $60 million facility from Fasanara is a significant milestone in our journey to become a leading non-bank lender to SMEs in the Kingdom. This partnership reflects our shared vision of fostering economic growth and aligns with Saudi Vision 2030’s goal of enhancing SMEs’ contributions to GDP. By leveraging this facility, we aim to provide rapid, reliable, and accessible working capital to even more SMEs, ensuring they have the resources they need to thrive and scale in today’s dynamic market."

- Nosaibah Alrajhi, Founder and CEO of Forus

We are excited to have the chance to support the Saudi SME ecosystem through this funding partnership with Forus, a leading fintech SME lender in the Kingdom. As a firm, Fasanara is committed to supporting SMEs globally and is proud to have funded more than $80 billion over the last 14 years to local lenders across 60+ countries, leveraging a tech-driven approach to risk management and monitoring. Forus’ tech-enabled approach to SME lending aligns with our strategy. We are confident that our partnership with Forus will enable them to effectively scale their portfolio to provide much needed working capital to the SMEs which are the future of the Saudi economy."

- Francesco Filia, Founder and CEO of Fasanara Capital

Leveraging its proprietary, purpose-built tech infrastructure, Forus underwrites and pays out invoice finance and working capital loans to SME borrowers in a matter of days, ensuring they have the capital they need to continue scaling their business operations and aren’t held back by funding constraints. Forus’ founder and CEO, Nosaibah Alrajhi, an accomplished investor and fintech entrepreneur, established the platform with a clear vision to fuel SME growth while eliminating the funding challenges they often face. Forus’ mission is directly aligned with Saudi Vision 2030, which aims to increase SMEs’ contribution to the Kingdom’s GDP from 20% to 35% by 2030.

Fasanara, a London-based alternative credit specialist, has funded over $80 billion to fintech lenders in more than 60 countries over the last 14 years, positioning itself as one of the most active fintech debt funding providers globally. The $60 million debt facility provided to Forus is envisaged to enable the company to provide more than $150 million in working capital loans to hundreds of Saudi SME borrowers.

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