Saudi Islamic Fintech Lynk Raised Capital to Introduce Additional Financial Products14. November 2023
In a move to reshape the fintech landscape in accordance with Islamic finance principles, LYNK has solidified its market position through a successful investment and the establishment of strategic partnerships with industry stalwarts Al Fozan Holding and Ramla Holding Group.
This collaboration, orchestrated by Investors’ Mine Angel Network, aims not only to meet but also to anticipate the needs of the financial sector, driving forward the Kingdom’s 2030 Vision.
Launched by BIM Ventures’ Saudi Venture Studio in early 2023, LYNK is emerging as a vital nexus in Saudi Arabia’s fintech ecosystem, seamlessly automating over SR 100 million in Murabaha transactions since its inception. The platform boasts an impressive capacity for 15,000 daily transactions with a value of over SR 5 billion, each executed in under a minute, acting as a link between financial institutions, commodity markets, and beneficiaries.
In addition, LYNK aims to broaden its reach within the financial sector, both locally and internationally. The company plans to introduce additional FinTech products that cater to financial institutions, which will assist in the overall growth and development of the financial services sector, specifically the FinTech sector, in alignment with the Kingdom’s 2030 Vision.
Thabet Alsubaie, CEO of LYNK, expressed his pride in being the first Saudi company to specialise in this field. Furthermore, he noted,
“LYNK is considered a leading company in the FinTech industry.” He added, “LYNK is dedicated to expanding its scope of work and strengthening its position among prominent financial institutions by establishing strategic partnerships aimed at meeting the aspirations of customers and fulfilling market needs.”
Additionally, His Excellence Sheikh Dr. Abdullah Al Sulami, a professor at the Higher Judicial Institute, has stated: “The launch of LYNK serves as a solution that meets the legal requirement that ownership and authorization be separated between financiers and financed parties, as established by the Islamic Fiqh Council of the Muslim World League and the International Islamic Fiqh Academy (IIFA) of the Organization of Islamic Cooperation.
Featured image credit: Thabet Alsubaie, CEO of LYNK, Mr. Abdulatif Ali Al Fozan, Chief Operating Officer of Al Fozan Holding, and Mr. Fahad Al Farraj, Ramla Holding Group’s CEO