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News from all over the world
UAE Agri-Trade Fintech Maalexi Raises $3m in Pre-Series A
Maalexi, an UAE-based dynamic risk management platform for SME agri-businesses, announces its completion of a $3 million pre-Series A fund raise. The funding round was led exclusively by Global Ventures – MENA’s leading venture capital firm – which joins existing
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Tabby Secures USD 700 Million in Debt Financing and Extends Series D Round to USD 250 Million
Tabby, a leading shopping and financial services app from Saudi Arabia, 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
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Backbase Drives Digital Transformation at Libyan Islamic Bank
Libyan Islamic Bank (LIB) has joined forces with Backbase, a provider of engagement banking platform solutions, in a bid to enhance its digital banking services. The bank plans to upgrade its mobile app for retail customers and introduce new digital
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CBUAE Introduces Framework for the Regulation of BNPL
Acknowledging the global shifts in consumer financial trends and the increasing demand for “Buy-Now, Pay-Later” and similar credit products and services, the Central Bank of the UAE (CBUAE) announces the issuance of the newly amended Finance Companies Regulation. Under the
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UAE’s Business Expense Solution Qashio Partners With Emirates Skywards
Qashio, a UAE-founded fintech company, has recently announced a new partnership with Emirates Skywards, the award-winning loyalty programme of Emirates, and flydubai. This collaboration will enable customers to convert Qashio Points into Skywards Miles, opening doors to a wide range
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Saudi Digital Lending Platform Tameed Platform Closes USD 15 Million Series A Funding
Tameed Digital Lending Platform, which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) lead by Alromaih Investments. Tameed plans to
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Islamic Banks in the UAE Embrace Digital Innovation
In the wake of the COVID-19 pandemic, the financial sector, including Islamic banks in the United Arab Emirates (UAE), has swiftly adopted digital innovations including artificial intelligence (AI), e-learning and blockchain. These technologies are now playing a critical role in
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Saudi Open Banking Startup Spare Closes $3 Million Funding Round
Spare, a Saudi based open banking services provider, announced the close of a $3 million funding round led by Vision Ventures with participation from Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors. Spare was established
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Saudi Wealthtech Hakbah Closes US$5.1 Million Series A
Hakbah, a Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraise. The funding round was led by VentureSouq – the MENA-based venture capital firm with a global portfolio. Also participating were new investors M-Capital and Bunat Ventures;
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Saudi Central Bank Issues Rules for BNPL Companies
The Saudi Central Bank (SAMA) announces the issuance of the “Rules for Regulating Buy Now Pay Later (BNPL) Companies,” as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuous efforts to develop the
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