The UAE-based financial technologies (fintech) company Beehive, which is a Capital Market Authority (CMA) regulated crowdfunding platform, officially celebrated launching in Oman with an event at Crowne Plaza Muscat on Tuesday.
Deputy head of the Public Authority for SME Development, Abdul Aziz al Reesi, was present to inaugurate the event. The company, that partners with Ahlibank on its Tamkeen product, soft-launched in June 2022 bringing an alternative finance solution for small to medium-sized enterprises (SMEs) to the sultanate.
In a press statement, Craig Moore, CEO and founder of Beehive, said, “There is much potential for SMEs to bring economic growth to Oman. Improving their access to finance supports this, and we are excited to be part of that journey.”
Beehive, headquartered in the UAE, uses its fintech platform to connect a crowd of investors with small businesses looking for finance. It has funded over US$400mn in total in the GCC since its inception in 2014. In partnership with Ahlibank, the company has funded twenty businesses and a total of RO1.4mn in financing since launching in Oman.
Peer-to-peer lending is an established source of funding for SMEs in many countries and is becoming increasingly widespread across the GCC. The financing is unsecured, meaning businesses don’t have to provide physical collateral for security, and instead the approval is based on the business’s creditworthiness, which is assessed using Beehive’s robust credit decisioning engine.
Amongst the first companies to receive funding from Beehive and Ahlibank were Charisma Clinic and Al Naamani.
Dr Ghaith Sleman, co-owner of Charisma Clinic said, “We chose to use Beehive for our funding because of the lack of tangible securities needed. The process was quick and easy and was used to purchase new machines, as well as making us cash-rich which was instrumental in speeding up our expansion plans.”
Mazin al Mahrooqi, owner of Al Naamani said, “From the start, getting finance from Beehive was a smooth process. To my knowledge there is nothing else like this in Oman, it is collateral free, and they do not ask for unnecessary documents to get approved.”
Link to the article: Muscat Daily
