Saudi fintech Manafa Capital has closed a Series A funding round of SAR 106 million ($28.3 million) which it will use to launch new products. 

The funding round, led by STV and Wa’ed Ventures, will support Manafa in its aim of bridging the gap between small and medium-sized enterprises (SMEs) and institutional retail investors. 

The platform, launched in 2018, has so far helped fund 180 SMEs and been a conduit for SAR 1.5 billion of funding, with participation from 100,000 retail and institutional investors. 

Manafa said it plans to accelerate its growth in Saudi Arabia, expanding its offering by launching new products and doubling its number of investors. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)