Tagged: saudi arabia

Saudi Central Bank Licenses Hala Financing for Debt-Based Crowdfunding

The Saudi Central Bank (SAMA) has officially licensed Hala Financing to provide debt-based crowdfunding solutions in Saudi Arabia, a significant step in broadening the financial services available within the kingdom. This recent authorization increases the total number of companies licensed to offer these services to… Read More

Fintech ABHI, a MENA Region and Pakistan based Earned Wage Access Provider, Enters New Partnership

Alraedah Digital Solutions, a technology company and the innovation arm of Alraedah Digital Group, is pleased to announce a strategic partnership with ABHI, a MENAP-based Fintech specializing in Earned Wage Access and Invoice Factoring. The collaboration marks a significant milestone in Alraedah’s commitment “to fostering… Read More

Saudi Fintech Firm Rasan Seeks Up to $224 Million in IPO

Rasan Information Technology Co., along with its shareholders, aims to raise up to 841 million riyals ($224 million) in an initial public offering in Riyadh, marking one of the first IPOs by a fintech firm in Saudi Arabia, Bloomberg reported. The firm has set the… Read More

Saudi Central Bank SAMA to Support Investment Immersion Initiative

The Saudi Central Bank (SAMA) has opened registration for its fourth edition of the Investment Immersion Program (IIP) as from Wednesday, April 17, 2024 for six weeks. The program is an apprenticeship that aims “to employ and develop local investment professionals.” The program, which comprises… Read More

Digital Payments Share Reportedly Reached 70% in Past Year in Saudi Arabia

The Saudi Central Bank (SAMA) announced that the share of retail consumer electronic payments -one of the Financial Sector Development Program’s KPIs- reached 70% of total retail payments in 2023, up from 62% in 2022. This achievement is attributed “to the significant growth of payments… Read More

Saudi Fintech Firm EdfaPay Secures Discover Global Accreditation

Saudi Arabia-based fintech firm EdfaPay announced that it has secured a vital technical accreditation from Discover Global Network, which includes prestigious entities like Diners Club International. This accreditation marks EdfaPay as a partner of one of the world’s most advanced payment networks, which serves over… Read More

Animoca Brands, the Digital Property Rights Firm for Open Metaverse, to Advance Web3 Ecosystem in Saudi Arabia

Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the… Read More

Jada Fund of Fun​ds in Saudi Arabia Announces Investment in Venture Debt, Private Credit Space in Partners for Growth VII

Jada Fund of Fun​ds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth, “with SAR 3.75 billion (USD 1 billion) in assets under management, to… Read More

Rabeh Financial, a Saudi Arabia-based Fintech, Reports New Funding Round

Rabeh Financial, a Saudi Arabia-based company that claims to be specializing in crowdfunding services and equity exchange, has recently announced during the events of LEAP24 conference, its success in closing a seed funding round of 3 million Saudi Riyals, in collaboration “with Mjalis Investment Company… Read More

Regtech: uqudo and Tamara to Enhance Identity Verification in BNPL Transactions

uqudo, the digital identity company in the MEA region, has entered into a collaboration with Tamara, a fintech platform in Saudi Arabia and the GCC region. This strategic partnership represents “a significant milestone in the financial landscape of the GCC, poised to elevate digital transactions… Read More

Salla Reports $130 Million Pre-IPO Funding Round

Salla, which claims to be among the leading SaaS e-commerce enablers in Saudi Arabia, has raised $130 million in a Pre-IPO funding round which has been “co-led by Investcorp and Sanabil, and with the participation of STV as the largest investor.” This new investment is… Read More

GCC Lending Surges with $1.9t in Gross Loans Despite High Interest

Despite the tightening of monetary policy by the US Federal Reserve, the banking sector in the Gulf Cooperation Council (GCC) countries experienced sustained growth in lending during the second quarter of 2023, according to a recent report by Kamco Invest. This growth was largely driven… Read More

Mastercard and Loop to Launch Payment Solutions in Saudi Arabia

Mastercard (NYSE: MA) has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop “expand its portfolio, enhance its… Read More

Hashgraph Association Partners with Saudi Ministry of Investment

The Hashgraph Association (THA) has announced a partnership with the Ministry Of Investment Of Saudi Arabia (MISA) to launch a DeepTech Venture Studio. The entity aims to help local Saudi firms, as well as other portfolio companies, establish operations in the country while leveraging technology… Read More

MENA Region’s Saudi Tadawul Group Holding Company Enters Agreement to Acquire Stake in Dubai Mercantile Exchange

Saudi Tadawul Group Holding Company (STG), a diversified capital markets group in the MENA region, has entered into a binding agreement with existing shareholders of DME Holdings Limited in order to “acquire a 32.6% stake in Dubai Mercantile Exchange (DME), one of the leading international… Read More

Hakbah, a Fintech Savings Platform, Partners with Tarabut, MENA’s Open Banking Provider

Hakbah – the KSA-based fintech savings platform – announces a new partnership with Tarabut – MENA’s open banking platform, and an investor in the region’s digital transformation. The partnership has several benefits for Hakbah as it “simplifies and expedites various tasks.” It will enable streamlined… Read More

Saudi Central Bank SAMA Seeks Public Consultation on Amendments to Principles of Governance for Financial Institutions

The Saudi Central Bank (SAMA) seeks public consultation on draft amendments to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” In this context, SAMA invites stakeholders to “provide suggestions and observations on the draft by… Read More

Saudi Arabia: Fintech Savings Platform Hakbah Raises $5.1m in Series A Funding

Saudi Arabian fintech savings platform Hakbah has successfully raised $5.1 million in a Series A funding round, a substantial boost for the savings platform’s growth and innovation strategies. The round was anchored by venture capital firm VentureSouq and backed by new investors M-Capital and Bunat… Read More

Tabby, MENA Region’s Digital Commerce and Financial Services App, Secures Up to $700M in Receivables Securitization from JP Morgan

Tabby, the MENA’s shopping and financial services app, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility “obtained by a fintech company in the MENA region.” In parallel to the securitization financing, Tabby has “extended… Read More

Tamara, the Fintech Platform to Shop, Pay and Bank in Saudi Arabia and GCC Region, Acquires $340M via Series C

Tamara, the fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s “first” homegrown fintech unicorn by securing $340 million in a Series C equity funding round. This investment round was… Read More