Saudi Arabia-Based Tarmeez Capital Secures Funding From stc's Tali Ventures

Saudi Arabia-based sukuk fintech startup Tarmeez Capital has secured a strategic funding round led by KSA-based Tali Ventures, the corporate venture capital arm of stc group.

The investment marks Tarmeez Capital’s transition from a bootstrapped venture to one backed by a major national investor, positioning the firm to expand its footprint in Saudi Arabia’s fast-growing digital debt landscape. 

Founded by Nasser Al-Saadoun in KSA in 2022, Tarmeez Capital offers digital financing solutions for companies across various sectors, with a focus on Sharia-compliant sukuk products available to both institutional and retail investors. The platform has facilitated over SAR2 billion (US$533.194 million) in financing programs to date and serves more than 180,000 users. Over the past year alone, Tarmeez Capital recorded a 459 percent increase in sukuk issuances. 

“Our core innovation lies in using sukuk as a modern, efficient means of financing,” Al-Saadoun, CEO of Tarmeez Capital, told Inc. Arabia. “We issue sukuk to fund small and medium-sized enterprises (SMEs) and corporates and offer a digital investment platform that enables everyday Saudis, residents, and institutional investors to participate in these issuances.” 

Historically, sukuk issuance in Saudi Arabia has largely been the preserve of major corporations, with a minimum issuance size of SAR100 million ($26.66 million) for new entrants. This has long restricted SMEs and mid-sized companies from accessing efficient, Sharia-compliant capital. “At Tarmeez Capital, we are focused on changing this by increasing the accessibility of sukuk issuance to businesses of all sizes across Saudi Arabia,” Al-Saadoun said. 

Through its proprietary technology and data analytics, Tarmeez Capital enables sukuk issuance at seven times the speed of conventional channels, connecting finance-seeking businesses with investors. “We can deliver funding through sukuk up to seven times faster than conventional processes, with many companies receiving proceeds within just 10 days,” he said. “Our business model not only opens new capital channels for businesses but also empowers investors to contribute directly to the real economy—all within a transparent, Sharia-compliant framework.” 

The platform has attracted a user base that has grown organically, bridging the gap between ambitious companies and values-led investors. “This is important, as we are increasingly noticing investors actively seeking investments that do good and deliver returns,” Al-Saadoun noted. 

With the fresh funding in hand, Tarmeez Capital plans to scale its offerings and contribute to what Al-Saadoun describes as “the Kingdom’s next generation of financial infrastructure.” He also noted that the investment supports stc group’s broader strategy to back high-growth digital platforms shaping the future of finance and strengthen the Kingdom’s financial ecosystem.

Looking ahead, the company aims to broaden its reach to a wider spectrum of businesses, from SMEs to mid-sized and large corporates. “We plan to apply for additional licences that will allow us to expand our capabilities and serve issuers and investors more comprehensively across the entire financing and investment lifecycle,” Al-Saadoun said. 

Tarmeez Capital’s platform has already been used by firms such as Red Sea International, which tapped Sharia-compliant capital for contracts with Baker Hughes and Red Sea Global to support infrastructure projects in the Eastern Region. In housing and urban development, Saudi real estate developer RASF is leveraging sukuk financing for the Deem project in Al Khobar, a townhouse complex targeting the Kingdom’s middle class. 

As demand for sukuk grows, retail investors are increasingly playing a larger role in this space. “Both retail and institutional investors already invest heavily via sukuk digital platforms,” Al-Saadoun explained. “In terms of the split, retail investors are a major driver of the market, representing 50 percent of investments in sukuk.” He added that retail appetite is growing thanks to the variety and number of sukuk issuances available and platforms that evolve with their needs and priorities. 

Al-Saadoun pointed to Saudi Arabia’s strong macroeconomics, a young, tech-savvy population, and increasing demand for ethical, Sharia-compliant investment options as natural drivers for this momentum. “With an increasing focus on ethical financing and investment in the region, as well as a tech-savvy population, where 70 percent are below the age of 35, there is a natural market fit for digital platforms which are mobile-native and Shariah-compliant,” Al-Saadoun said. 

Beyond Saudi Arabia, Tarmeez Capital is starting to draw attention from regional investors, although the team is clear that it is focusing on growing its operations in the Kingdom before expanding. “Yes, we are receiving interest from retail, qualified, and institutional investors across the GCC. While we are currently focused on Saudi Arabia, we hope to explore cross-border investment opportunities in the near future,” he noted. 

Reflecting on his entrepeneurial journey and the challenges of building trust in high-stakes sectors such as finance, Al-Saadoun shared notes for fellow founders in the space. “If I could offer one piece of advice to fellow entrepreneurs building in high-trust spaces like finance, it would be this: build trust before scale," he said. "In our region, and especially in a sector where people’s livelihoods and long-term plans are at stake, credibility is not a byproduct-it’s a prerequisite. Technology, innovation, and even capital are not enough without a strong foundation of transparency, regulatory alignment, and real accountability to your clients and stakeholders. We made it a priority from day one to embed trust into our product design, our partnerships, and even our communications—because trust compounds.” 

Pictured in the lead image is Tarmeez Capital founder and CEO Nasser Al-Saadoun. Image courtesy Tarmeez Capital.