In this episode of The MAL Show, we sit down with Armie Baghoumian, one of the leading voices in private credit and growth financing in the Middle East.

Most founders understand venture capital. Raise equity, give up ownership, and use the capital to grow. But what if there was another way?

We explore the world of business financing, venture debt, growth debt, and private credit—and uncover what actually makes a company fundable.

In this episode, we discuss:

• Why some companies get funded while others get rejected
• What investors and lenders look for before providing capital
• The biggest mistakes founders make when raising money
• When debt can accelerate growth—and when it becomes dangerous
• How startups like Tabby, Bayzat, and Trukker used debt to scale
• The hidden rules of business financing
• Why banks reject many growing businesses
• Asset-backed lending vs. traditional business loans
• The future of private credit in the Middle East
• How founders should think about risk, leverage, and growth

Whether you're building a startup, running an SME, or simply want to understand how business financing really works, this conversation offers valuable insights into a side of entrepreneurship that most people never see.

Don't forget to subscribe for more conversations with founders, investors, operators, and business leaders shaping the future of the region.

Chapters:
00:00 Intro
3:54 Growth Debt vs. Banks
7:07 Loans vs. Asset-Backed
14:43 Fintech Chicken-Egg Problem
19:22 Covenant Traps Explained
24:32 Advice for Equity Investors
28:15 Debt Literacy Evolution
31:52 Pricing & Term Sheets
36:22 Tenors & Case Studies
42:46 Multiple Lenders & Enforcement
50:09 Shariah Finance Explained
54:16 Stress Testing & Global Credit Risks
1:05:42 Retail & Wealth Bubble
1:08:39 Why PFG Is in the Region
1:13:27 Egypt & GCC Expansion
1:16:12 Cross-Cultural Business
1:18:30 Armineh's Career Path
1:24:51 Operators vs. Investors
1:27:30 14-Year Team Culture
1:29:43 Approaching PFG & Hiring

To get in touch with us:
podcast@mal.ai

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To get in touch with Yousef Salem
https://www.linkedin.com/in/youssefsamysalem/?skipRedirect=true
https://www.instagram.com/youssefsamysalem?hl=en

To get in touch with Armie Baghoomian
https://www.linkedin.com/in/armineh-baghoomian-045262/

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