Sharakah, an Oman-based firm focused on small and medium-sized enterprise (SME) development, has announced its investment in Beehive, a fintech company and peer-to-peer lending platform.
This partnership seeks to bolster SME growth in Oman by providing swift and accessible financing solutions, aligning with Oman’s vision for economic diversification.
Since its founding in 2014, Beehive, headquartered in Dubai, has funded over AED1.5 billion to GCC-based SMEs.
The platform connects businesses in need of funding with investors, streamlining the financing process and offering a more cost-effective alternative to traditional finance.
With Sharakah’s investment, Beehive’s liquidity will be augmented, expanding its capability to fund more SMEs across Oman.
Beehive offers collateral-free, debt-based finance to creditworthy companies, enabling businesses to borrow from OMR20K with repayment terms between 6-36 months.
Ali bin Ahmed Muqaibal, CEO of Sharakah, said, “Our partnership with Beehive is a significant step in our mission to drive SME development in Oman and support the diversification of our economy. By collaborating with an innovative fintech platform, we aim to fuel the growth of the SME sector and offer fast, accessible finance to empower businesses.”
Craig Moore, Founder and CEO of Beehive, welcomed Sharakah’s investment, stating, “Beehive has facilitated over OMR 2 million in SME funding in Oman in just six months. We are thrilled to have Sharakah on board to help us foster a more prosperous future for SMEs.”
This partnership is poised to create a favourable ecosystem for small businesses, thereby contributing to Oman’s economic prosperity.
BusinessNewsAsia