erad
Erad, based in Riyadh, Saudi Arabia, is a fintech company specializing in non-dilutive growth capital for businesses in the UAE and Saudi Arabia, offering rapid financing solutions that are Shariah compliant.
Company Overview
Erad is a fintech company headquartered in Riyadh, Riyadh Province, Saudi Arabia. The company focuses on providing non-dilutive growth capital to startups in the Middle East. They serve businesses operating in the United Arab Emirates and Saudi Arabia, offering funding options ranging from 30,000 to 10 million AED. Their quick turnaround time allows businesses to receive financing offers within 48 hours.
Services
Erad offers revenue-based and fixed-term financing options tailored to startups and businesses in the Middle East. Their revenue-based financing involves paying a small percentage of revenue to settle the full financing amount. In contrast, fixed-term financing uses fixed monthly installments. These options provide flexibility while ensuring that financing remains Shariah compliant, based on the principles of Tawaruq. Additionally, Erad integrates with sales, marketing, accounting, and banking platforms for comprehensive data analysis.
Funding and Investment
Erad is supported by a network of investors, including Nuwa Capital, Khawarizmi Ventures, VentureSouq, Y Combinator, Plus Venture Capital (+VC), and Dubai Future District Fund. These investments underpin Erad's mission to provide non-dilutive growth capital swiftly, with funding offers available within 48 hours. With fees starting at 1.2% per month, Erad caters to businesses generating a minimum of AED 30,000 in monthly revenue and having at least 6 months of operational history.
Market Reach
Erad operates primarily in Saudi Arabia and the United Arab Emirates, with additional services catering to the broader Middle East and North Africa region. Businesses within these areas are eligible for Erad’s financial services, provided they meet specific criteria. The company capitalizes on both remote and partly remote operational models, expanding its reach and allowing flexibility in its service delivery.
Y Combinator Affiliation
Erad was part of the Y Combinator S22 batch, a significant milestone that underscores the company's commitment to innovation and growth. This affiliation with Y Combinator enhances Erad’s credibility and provides additional resources and networks to support its mission of empowering Middle Eastern businesses through accessible funding.
