Based on LenderKit

Forus

Investment marketplace P2P lending
Visit website: Forus.cc Visit website

Forus is one of the first debt investment marketplaces registered and authorised by Saudi Arabian Monetary Authority (SAMA). Headed by Nosaibah Alrajhi, the CEO and Co-Founder at Forus, the company focuses on providing business loans and investment opportunities for SMEs and investors in the Kingdom of Saudi Arabia.

Forus P2P lending

An amazing story of two who decided to revolutionize the Saudi Arabia market. Forus is an ambitious startup dedicated to results. Truly inspiring!

Konstantin Boyko, CEO at JustCoded
Challenges

As an industry pioneer among the P2P lending providers in the KSA, Forus had to go through a complicated SAMA regulation-compliance process. The regulations were quite a challenge for both Forus and our team, however, we successfully made it through thanks to immediate communication and a clear understanding of the objectives.

Technical requirements
  • Database and server located in Saudi Arabia
  • API refactoring and customisation
  • KSA-based SMS provider
  • Hijri to Gregorian date converter
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Why Forus chose LenderKit?

Looking at several options on the market, Forus found LenderKit to be the most comprehensive end-to-end debt crowdfunding software solution. Having had come to our office, Forus got to know the executive and management team first before proceeding to the actual development.

Investment and offering management, e-wallet management, revenue monitoring and prediction, repayment scheduling, notification system and an overall interactive dashboard became the determining factors feature-wise.

Despite being a good fit, LenderKit was only partly covering all of the requirements, so we had to customise the crowdfunding software to meet Forus needs.

Find a quick overview of Admin Features here
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How we helped?

Our delivery team sat down with Abdulwahab Majeed, the CTO and Co-Founder at Forus, to analyse the business vision, mission, and needs as well as the SAMA regulatory framework requirements.

We formalised a detailed feature list which became the guiding star during the agile development stages. In case with Forus, a heavily detailed SRS document wasn’t an option since the technical requirements were changing quickly and needed immediate customisation on the admin and front-end sides according to the Kingdom’s regulations.

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The top features included custom quote and interest rate calculator, individual and corporate user KYC/AML flows, flexible fee manager as a part of the platform’s monetisation strategy, and custom payment solution.

A clear strategy, strong management teams, and the resourcefulness of both sides have made a launch of the product possible within the strict time limits.

Scope of Project
  • P2P lending platform
  • LenderKit-based
  • Debt investment flows
  • Payment module
  • Custom fees manager
  • Interest rate calculator
  • KYC/AML verification module
  • Marketing site development
  • Basic CMS
Outcome

Forus is a digital private debt investment marketplace for SMEs and individual as well as corporate investors in the KSA. The company has now become an integral part of the Kingdom’s economy and contributes to the Saudi Arabia Vision 2030.

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