JEDDAH: Saudi financial technology (fintech) company Lendo was chosen among ten startups to join Google’s first accelerator in the Middle East and North Africa.
The Riyadh-based startup is a peer-to-peer lending platform that offers instant short-term finance-against-invoice solutions for small and medium-sized enterprises (SMEs).
It enhances young companies’ cash flow by allowing them to borrow money from individual lenders against their outstanding invoices, reducing the time and effort it takes to secure immediate funding.
The platform is licensed by the Saudi Central Bank (SAMA).
The Google for Startups Accelerator MENA program chose 10 startups out of around 500 applications from six Arab countries, including the UAE, Jordan, Egypt, Tunisia, Oman and Saudi Arabia. Four out of the chosen companies are led by women.
Starting this week, the startups will receive mentorship in digital marketing, product design/UX, Machine Learning, customer acquisition, and leadership development.
In response to the large interest the program has received, Google will launch its second cohort of the three-month online program later this year and offer free workshops to all the startups. Three startups were chosen from the UAE, virtual events platform 360VUZ, children’s educational and entertainment platform Lamsa and web-based 3D and augmented reality shopping and empowerment tool Designhubz.
Another three where chosen from Jordan — secondary school education support platform Abwaab, family care services market Careres, and artificial intelligence-powered travel experience platform Viavii.
Making up the final 10 were chronic patients’ medication manager app Chefaa from Egypt, fashion marketplace platform Dabchy from Tunisia and, finally, meditation app Nsfas from Oman.