Tagged: saudi arabia

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

April 15, 2021 @ 10:17 pm By Omar Faridi  |  

Saudi Arabia-based Cloud-enabled Point-Of-Sale (POS) startup Prexle has reportedly finalized its seed funding round which is valued at 2.5 million Saudi riyals (appr. $670,000). Company CEO and Co-founder, Abdullah Alajlan stated that they’re happy to close their latest investment round. He added that the funds… Read More

March 23, 2021 @ 12:27 am By Omar Faridi  |  

Islamic or Sharia-compliant Fintech services are being increasingly adopted in Saudi Arabia, the United Arab Emirates (UAE) and internationally as well, according to a report from Arabian Business. As reported by the news outlet, the largest transaction volumes have come from Saudi Arabia, the UAE,… Read More

February 22, 2021 @ 9:57 pm By Omar Faridi  |  

The reserve bank in Saudi Arabia has introduced an instant payments solution, called the “Sarie” system, in order to carry out low-value transactions within the country. The Saudi reserve bank (SAMA) noted that the new initiative will allow banking customers in the Kingdom to accept… Read More

February 7, 2021 @ 7:36 pm By Omar Faridi  |  

Saudi Arabia’s venture capital funds are increasingly looking to tap into Fintech, digital commerce, and healthcare segments this year. VC activity has increased considerably in the MENA region including Saudi Arabia during the past few years, with local startups recording a 55% year-over-year growth in… Read More

January 11, 2021 @ 9:27 pm By Omar Faridi  |  

Dubai-headquartered investment advisory firm Sarwa is reportedly expanding its business operations to Saudi Arabia after acquiring a temporary or experimental Fintech license from Saudi’s Capital Markets Authority (CMA). This development has come about a year after Sarwa secured $8.4 million in capital, which was one… Read More

December 31, 2020 @ 6:58 pm By Omar Faridi  |  

The digital commerce sector in Saudi Arabia has undergone a major (digital) transformation and there have been noticeable changes in consumer behavior, particularly when it comes to using online platforms in a post COVID world. Ibrahim Mohammad Al-Saad, Founder of Ajda, has stated that the… Read More

December 21, 2020 @ 10:19 pm By Omar Faridi  |  

A Dubai-based real estate-focused Fintech firm is planning to offer local investors an opportunity to invest in the property market with as little as 2,000 AED (appr. $544). UAE-headquartered Stake, which is supported by a Saudi national, is currently based in the Fintech Hive which… Read More