erad raises $22 million in Series A round led by MEVP to expand its industrial services

Saudi fintech company erad has raised $22 million in a Series A funding round led by MEVP, with participation from 500 Global, Saudi Venture Capital (SVC), S60 Ventures, ANB Capital, Conjunction Capital, and Araya Ventures. Platforms "ForwardStart" and "Startup Rise" reported that the round was announced during the same week and is considered one of the largest announced rounds in the Middle East and North Africa region during this period.

The company stated that it will use the proceeds of the round to add products and services tailored to the industrial, logistics, and manufacturing sectors, meaning it aims to shift its financial tools from retail to industrial companies managing supply chains and wholesale payments. This represents an expansion in customer segment, not just funding volume.

Several funds and institutions participated in the round, including Saudi Venture Capital (SVC) and ANB Bank through its investment arm, alongside regional and international investors. This participation underscores the continued influx of venture capital into Saudi fintech companies, with focus shifting toward B2B services rather than consumer applications alone.

The funding comes at a time when digital payment and financing products are expanding in the Saudi market, as local and international companies compete to serve small and medium-sized enterprises (SMEs). The size of the round shows that investors continue to prioritize companies connecting fintech with productive sectors such as industry and logistics, areas directly tied to the economic diversification trajectory.

What do these terms mean?

Series A: A stage of financing following seed funding, typically used to expand a company's business rather than establish it. Fintech: Financial services provided via software and applications instead of traditional branches. Venture Capital: Funds invested by a firm in startups in exchange for an equity stake. Small and Medium-sized Enterprises (SMEs): Companies whose business volume falls below a certain threshold, often relying on bank or investment financing to expand.