Salfny
Peer to peer rental web-based and mobile-based marketplace enabling individuals to rent anything from and to each other.
| Date | Investors | Amount | Round |
|---|---|---|---|
$10.0k | Seed | ||
| Total Funding | 000k | ||
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Salfny operates as a consumer lending mobile application within Saudi Arabia, providing micro-loan services.
The company's core business revolves around offering small and short-term loans directly to consumers through its mobile platform. It functions under the approval and supervision of the Saudi Central Bank (SAMA), ensuring all its lending activities adhere to the nation's financial regulations.
The service allows registered users to apply for loans starting from 1,000 SAR up to 50,000 SAR. The business model is based on the interest and fees charged on these loans. Repayment plans are structured with tenures ranging from three to 18 months. The application process is streamlined for user convenience: individuals download the app, register an account with their phone number, select their desired loan amount and repayment period, and submit personal information for a credit review.
Salfny's product is the mobile app itself, available on the Google Play Store, which serves as the direct interface for all transactions. Before committing, potential borrowers can review all terms, conditions, and the loan contract, which details aspects like the annual percentage rate (APR).
Keywords: consumer lending, personal loans, fintech, Saudi Arabia, micro-lending, mobile finance, financial services, short-term loans, SAMA, loan application, personal finance, credit services, digital lending, Saudi market, SAR loans