Saudi Stc Backs Debt Investment Fintech Tarmeez Capital - Bloomberg
Stc Group’s venture capital arm has invested in Tarmeez Capital, a Saudi debt investment platform planning a push into private credit.
Tali Ventures took a minority stake in the Riyadh-based firm, Tarmeez Chief Executive Officer Nasser Alsaadoun said, without disclosing details on the deal. Tarmeez expects to get its asset management license in Saudi Arabia later this year, allowing it to start originating and managing credit to private companies, he added.
It aims to then raise as much as 1 billion riyals ($267 million) for its first private credit fund within two years. Tarmeez will also consider an initial public offering in the next three years, Alsaadoun said in an interview.
Tarmeez currently facilitates private debt transactions between companies and investors, mostly handling Islamic sukuk. Founded in 2022, the platform has arranged about 2.3 billion riyals in financing to date and aims to scale that to 16 billion in the next two years. It serves both institutional and retail investors.
The investment in Tarmeez underscores a broader push by Saudi telecom giant stc to diversify its businesses into areas including financial services. It launched its venture arm last year to capture growing momentum around startups and in early 2025 started digital lender STC Bank.
Stc’s backing of a company planning to expand into private credit comes as Saudi Awwal Bank’s investment banking unit looks to raise 1 billion riyals for a new fund focused on the Middle East and North Africa.
Tali Ventures has a total committed fund size of $300 million, with a focus on AI and financial technology, among other things.
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