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For credit and risk teams · Saudi Arabia

Finance the thin-file SMEs you turn away today.

A thin credit file — or the owner’s guarantee — tells you how the borrower repaid past loans. But a receivable is repaid when the buyer behind it settles. Adjuda reconciles the SME’s ZATCA invoices to the cash that cleared its bank, scores how that buyer actually pays, gates the fabricated and duplicate ones, and hands your credit officer a sized, cited recommendation.

Request a pilot How it works

Free for the pilot — test it on a book you’ve already closed.

Why now

Capital isn’t the gap. Underwriting is.

A thin-file SME asks to finance a receivable. Pull SIMAH and you often get “no records”; even a full file — or the owner’s guarantee — only tells you how the borrower repaid past loans, not whether this invoice gets paid. So you decline good business, or fund it half-blind. It’s the same blind spot on every credit desk in the Kingdom.

E-invoicing closed it. An SME’s own ZATCA invoices show who it sells to; matched to the cash landing in its bank, they show how those buyers actually pay. You stop underwriting the borrower’s loan history — and start underwriting whether its buyers settle.

Same borrower, same thin file. A different question — not “has this borrower repaid loans?” but “do the buyers behind these invoices pay?”

9.4%of Saudi bank credit reached SMEs in 2024 — against Vision 2030’s 20% target. (SAMA · FSDP)
The thin-file problem

SIMAH scores how they borrow. Their invoices show how their buyers pay.

The file you can read is the borrower’s loan history — thin on a young SME, and silent on the buyers who actually pay the invoice. But that SME still issues invoices, and the buyers behind them leave a settlement record in the bank you can underwrite.

✕ SIMAH file — Rawnaq Contracting
Regulated borrowingnone
Credit historythin
Measurespast loans
This invoicenot covered
✓ Buyer settlement — from paid invoices ↔ bank
Meridian Developments settledSAR 180,000
Tamween Foods settledSAR 140,000
Anwar Glassworks settledSAR 95,000
Invoices matched to cash87%
What runs before you advance

Reconcile the cash, gate the fraud, size the advance.

Reconcile
Match the SME’s paid invoices to the deposits that actually cleared its bank, by counterparty — building each buyer’s settlement record: how much, how often, how close to terms.
matched to cleared cash
Fraud gate
A fabricated invoice, the same receivable financed twice on your book, an invoice with no match in ZATCA’s records, a buyer related to the seller. Clear frauds decline; anything ambiguous refers to a person.
fabricated · duplicate · related-party
Recommend
Proceed, Refer or Decline — the advance sized under your policy, concentration and capacity priced in as haircuts. Your credit officer reviews it, signs it, and owns the call.
analyst sign-off
SourcesZoho, ZATCA, Lean, Wathq — more on the way.
DeploymentStandalone, or white-labelled in your stack.
Read it, and replay it

Open any decision and the whole basis is on one screen — reconstructable months later.

Every figure opens to the source it came from — the bank transaction, the ZATCA invoice, the Wathq registry record — and the same inputs always reproduce the same decision, on an append-only trail your risk committee or an external auditor can replay end to end.

Reconciled · INV-198 · Meridian Developments
InvoiceSAR 180,000Zoho / ZATCA ✓
Deposit matchedSAR 180,000Lean · on terms
Buyer identityMeridian DevelopmentsWathq ✓ · unrelated
↳ cited: bank_txn #3120 · zatca_uuid · cr_2050…
Audit trail · append-only
decision.created08:41:02 · #a1f9
invoices.reconciled3 of 4 · 87% ✓
flag.magnitudeINV-204 · 3.3× max
policy.appliedv2.3 · conc. haircut
verdict.referhash 9c2e…7bd1

Adjuda recommends and records. It only ever reads the systems it connects to — it never writes back, and never moves, holds, or collects money.

What it changes for your book

Approve more, lose less, prove every call.

Open the thin-file bookSay yes across the thin-file segment SIMAH can’t score — business you decline today — on evidence you can take to committee.
Keep the fraud outFabricated and duplicate invoices are stopped at intake; the ambiguous ones never reach “yes” without a human.
Free your analystsNo more tying bank statements to invoices by hand — your officer reviews a finished decision, not a pile of documents.
Examination-readyWhen SAMA or internal audit asks how a deal was decided, it’s one click — every figure traced to source, the decision replayable.
Early access

Grow your book without growing your losses.

See it first on a book you know: bring deals you’ve already decided, and Adjuda shows what it would have funded, held or flagged — next to what actually happened. No obligation, and nothing live at risk.

Request a pilot
Runs in shadow alongside your current credit process — no system change, no cost during the pilot.