Saudi fintech raised over $1M in funding

Hakbah, which was incorporated in 2018, is building another savings platform

Saudi fintech

Saudi fintech raised over $1M in funding. Source: pexels.com

According to MENAbytes, Hakbah, a fintech company based in Riyadh has raised $1.2 million seed.

Although specific details of the investors have not been disclosed yet, an investment firm and several angels were involved in the deal.

The company’s initial product is a mobile app that enables users to pay, manage, initiate and join the savings group. The Saudi Central Bank (SAMA) had approved the testing of the product in its regulatory sandbox.

Consumers can use the app to either create new or join the existing savings groups on the platform. The users can also pay using their (MADA) debit card and withdraw funds to their bank accounts.

Hakbah will digitize savings groups through the platform. The idea has also gained popularity in other markets with players such as ElGameya, Oraan, and MoneyFellows working on identical platforms in Pakistan and Egypt.

Through a recently signed partnership with Visa, Hakbah can issue prepaid cards to the users. The funds will be used to develop the product, grow the user base and expand the team.

Hakbah joins other fintech companies including Tamara, Rain, and Ziina in raising funds to grow the fintech market.

We’ve reported that Kenyan smart addressing startup launched in Nigeria.

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