Saturday 6 June 2020

Beehive funds first Bahrain-based SME

DUBAI, October 8, 2019

Beehive, Mena's first regulated peer to peer lending platform, has announced that it has facilitated funding for its first SME in Bahrain.

Bahrain-based Mira Packaging Factory manufactures disposable paper cups and other food packaging solutions to the GCC and African F&B industry. It was established in Bahrain with Private Foreign Direct Investment and the support of the Bahrain Economic Development Board (EDB) – the kingdom's investment promotion agency. Since its inception in 2015, Mira Packaging has experienced high demand both locally and regionally for its products. This latest round of funding on Beehive is testament to the company's growth, in terms of both demand for its products and the expansion of operations with new machinery and equipment.

Beehive, launched in Dubai in 2014, is Mena's first regulated peer to peer lending platform and one of the region's leading fintech pioneers. The Beehive platform uses innovative technology to eliminate the cost and complexity of conventional finance by connecting businesses directly with investors. The result is a more efficient, streamlined process that gives businesses faster access to lower-cost loans and investors better returns on their money and diversified risk.

Muneeb Rashid, Mira Packaging director of operations, highlighted: "The high demand for our products is directly associated with our service and flexibility that we offer to our large portfolio of customers in Bahrain, Saudi Arabia and the regional neighbouring countries which include international airlines, global HORECA brands and local coffee concepts. The company will utilise the new round of funding for expanding its output as well as diversifying its product portfolio to suit customer's needs."

Craig Moore, Beehive CEO, commented: "We're delighted to have facilitated funding for our first SME in Bahrain, which will be the first of many. Mira Packaging Factory proved their eligibility for peer to peer finance after Beehive's thorough credit assessment, which determines the company's ability to repay the loan and provide excellent returns to our global investors. This is great news for both the company and the economy in Bahrain, which relies heavily on SMEs."

Dalal Buhejji, senior manager, Business Development – Financial Services, Bahrain EDB, said: "This is yet another example of Bahrain's bold and innovative regulation catalysing growth in the kingdom. It's fantastic to see businesses from our fintech and manufacturing sectors now able to drive growth together in this way. I look forward to watching Mira Packaging and Beehive continue to take advantage of Bahrain's unique, supportive ecosystem as they expand across this region and beyond." - TradeArabia News Service


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