Beehive celebrates official launch of crowdfunding platform in Oman
MUSCAT, Oman, 18 January 2023 /PRNewswire/ — On the evening of Tuesday 17th On 1 January fintech company Beehive, a Capital Markets Authority (CMA) regulated crowdfunding platform, officially celebrated its launch in Oman with an event at the Crowne Plaza, Muscat. Deputy head of the public authority for SME development, Mr. Abdul Aziz Al Reesi, was present to inaugurate the event. The company, which collaborates with Ahlibank on the Tamkeen product, was soft-launched in June 2022 bring an alternative financing solution for small and medium enterprises (SMEs) to the Sultanate.
Headquartered in the United Arab Emirates, Beehive uses its fintech platform to connect a crowd of investors with small businesses looking for finance. It has funded over USD 400 million in total in the GCC since its inception in 2014. In collaboration with Ahlibank, the company has financed twenty businesses and a total of OMR 1.4 million in finance since launch Oman.
Peer-to-peer lending is an established source of financing for SMEs in many countries and is becoming increasingly widespread in the GCC. The finances are unsecured, meaning that businesses do not need to provide physical collateral for security, and instead approval is based on the business’s creditworthiness, which is assessed using Beehive’s robust credit decision engine.
Among the first companies to receive funding from Beehive and Ahlibank were Charisma Clinic and Al Naamani.
Dr. Ghaith Slemansaid co-owner of Charisma Clinic, “We chose to use Beehive for our funding due to the lack of tangible securities needed. The process was quick and easy and was used to purchase new machinery as well as making us cash rich which was instrumental in to accelerate our expansion plans.”
Mazin Al MahrooqiOwner Al Naamani said: “From the start, getting funding from Beehive was a smooth process. As far as I know, there is nothing else like this in Omanit’s security-free and they don’t ask for unnecessary documents to get approved.”
Craig Moorecommented CEO and founder of Beehive, “There is a lot of potential for SMEs to bring economic growth to Oman. Improving their access to finance supports this and we are delighted to be part of that journey.”
Please contact Beehive Marketing Manager Bryony Pospodinis for further details.
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+971 585871300
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SOURCE Beehive
