Tagged: saudi arabia

January 25, 2022 @ 10:57 pm By Omar Faridi  |  

Al Rajhi Bank Malaysia (ARBM), a wholly-owned subsidiary of one of the world’s largest Islamic banks in terms of assets, Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), has chosen Thought Machine, the Cloud native core banking tech company, in order to power… Read More

January 24, 2022 @ 9:42 pm By Omar Faridi  |  

Sequoia Capital has reportedly made its first investment in the Gulf / MENA region by leading an investment round for Lean Technologies, a Saudi Arabia-based Fintech company whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih. Lean Technologies, which allows firms… Read More

January 23, 2022 @ 9:32 pm By Omar Faridi  |  

Wa’ed, the entrepreneurship division of Saudi Aramco, has been working with Fintech Saudi as a key partner, along with local seed and early-stage VC company Flat6Labs, in order to introduce a 12-week Fintech Accelerator program. The new Fintech Accelerator will focus on supporting the ongoing… Read More

December 3, 2021 @ 9:35 pm By Tony Zerucha  |  

Payments and API banking solutions company Cashfree Payments this week announced an equity investment of $15 million in Telr, a Saudi  Arabia and United Arab Emirates-based payment service provider. With this investment, Cashfree becomes one of the largest shareholders in the company. Cashfree said this… Read More

November 22, 2021 @ 8:31 pm By Omar Faridi  |  

GCC-headquartered early-stage VC company VentureSouq has introduced a $50 million MENA region Fintech Fund I. As mentioned in the announcement, the MENA Fintech Fund I is the first sector-wide Fintech-focused fund to be introduced across the Middle East area and Pakistan. The new Fund is… Read More

November 4, 2021 @ 9:01 pm By Omar Faridi  |  

Saudi British Bank (SABB) has announced the launch of its Instant Cross-Border Transfer Service for the United States Corridor via the blockchain payment tech powered by Ripple. The launch of this service was confirmed during the fifth edition of “The Future Investment Initiative Institute” led… Read More

October 25, 2021 @ 6:26 pm By Omar Faridi  |  

During the past year, the Fintech sector in Saudi Arabia has experienced steady growth. This, according to the Fintech Saudi Annual Report for 2020/2021. The number of Saudi Arabia-based Fintechs increased by 37% with an investment amount surpassing SAR 1.3 billion (appr. $347 million). Nejoud… Read More

October 1, 2021 @ 10:33 am By Omar Faridi  |  

Global Processing Services (GPS), the Paytech Pioneer behind major Fintech challengers, reveals that it has established its MENA region office and hired payments professional, Arnav Rath, as Head of Region. Based in Dubai, the team will focus on leveraging its international reach and payments expertise… Read More

September 23, 2021 @ 10:02 pm By Omar Faridi  |  

The newly formed financing firm in Saudi Arabia, Positive Facilities Co. Ltd. (Ejabiah), has reportedly entered an agreement with Path Solutions for the introduction of its interest-free Core banking platform. Ejabiah will be providing a unique 0% interest financing product, which is somewhat similar to… Read More

September 20, 2021 @ 10:30 pm By Omar Faridi  |  

Saudi Arabia-headquartered virtual payment and point-of-sale (POS) solutions provider CashIn has reportedly acquired SAR 6 million (appr. $1.6 million) in capital through a seed round. CashIn’s investment round has been led by investor Mine. Saudi venture capital firm BIM Ventures also took part in the… Read More

August 19, 2021 @ 8:37 am By Omar Faridi  |  

Ajar, a MENA region rental collection platform, reveals that it has expanded its business operations to the Kingdom of Bahrain. With an established presence in Kuwait and the United Arab Emirates (UAE), the firm will be providing its property management and rent collection services in… Read More

August 8, 2021 @ 6:19 pm By Omar Faridi  |  

UAE-headquartered Buy Now, Pay Later (BNPL) Fintech tabby has acquired $50 million in capital as part of its recent funding round. tabby’s Series B investment round has been led by Global Founders Capital and STV. Delivery Hero, CCVA and several other backers of tabby took… Read More

August 2, 2021 @ 9:57 pm By Omar Faridi  |  

Forus Capital, a Saudi Arabia-headquartered Islamic P2P lending marketplace, has secured funding via a Series A round (for an undisclosed amount). As noted by its management: “Forus Capital [is an] Islamic debt marketplace that enables investors to invest in a marketplace of alternative loans targeted… Read More

July 31, 2021 @ 8:49 pm By Omar Faridi  |  

Mumbai-based Fintech company QPS Global recently revealed that it will be expanding its business operations in the Middle East. The company confirmed that it will be allocating $10 million in capital into the region within the next 12 months. The B2B card issuance and processing… Read More

July 16, 2021 @ 9:42 pm By Omar Faridi  |  

Geidea, one of the largest Fintechs in Saudi Arabia in terms of market share, has reportedly appointed the global financial services and Fintech-focused professional Nick Ogden to the company’s Board of Directors. Geidea’s management states: “Supporting small businesses to succeed is at the heart of… Read More

June 24, 2021 @ 11:45 pm By Omar Faridi  |  

The Saudi cabinet has reportedly granted a digital banking permit to STC Pay, a virtual payments solution provider that’s a wholly owned subsidiary of Saudi Telecom. STC Pay will now be converted into a domestic virtual bank, with a capital of SAR 2.5 billion (appr…. Read More

June 24, 2021 @ 1:17 am By Omar Faridi  |  

Saudi Arabia-based Tweeq, a provider of spending accounts for individuals and small businesses operating across the country, revealed that it has finalized an undisclosed seven-figure funding round, which has been co-led by STV and Raed Ventures. As noted by the company’s management: “Our mission is… Read More

May 6, 2021 @ 7:47 pm By Omar Faridi  |  

The Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, has launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations. The United Arab… Read More

April 24, 2021 @ 9:17 pm By Omar Faridi  |  

Saudi Arabia-based Tamara, a Buy Now, Pay Later (BNPL) service provider, recently confirmed that it finalized a $110 million Series A funding round led by Checkout.com. The funds raised will be used by Tamara to scale its professional team, expand into new markets in the… Read More

April 18, 2021 @ 6:47 pm By Omar Faridi  |  

MENA region startups secured $170 million in capital during March 2021, which is reportedly a 6% increase month-over-month, across 43 different deals, according to local sources. This notably takes the total funds raised during Q1 2021 to $396 million across 125 different deals, which is… Read More