Nayla Finance, a Riyadh-based fintech company focused on providing funding for micro-businesses, has secured US$4 million in seed funding, led by Sanabil Venture Studio by Stryber.
The investment will be used to expand its product offerings, grow its loan book, and provide capital to micro-businesses across Saudi Arabia.
The funding will support the development of Nayla’s data-driven lending platform, operational scaling, and partnerships in sectors such as food and beverage, e-commerce, and retail.
Co-founder and CEO, Shaqran Alyahya, stated,
“We are addressing a gap in the market by offering financial solutions tailored to micro-businesses, a key part of the Saudi economy.”
Rayan Aebi, CEO of Sanabil Venture Studio and General Partner of the Fund, underscored the importance of supporting micro-businesses, stating,
“Nayla Finance is tackling a critical funding gap for micro-businesses, a segment forming the backbone of the Kingdom’s SME sector. At Sanabil Venture Studio by Stryber, we believe that fintech innovation is key to unlocking new economic potential.”
Nayla Finance aims to simplify the lending process through data-driven credit assessments and a fully digital application process.
With this funding, it plans to improve its credit scoring system, expand through partnerships with e-commerce platforms and merchant networks, and allocate US$2.7 million in debt financing to grow its loan book.
Featured image credit: Nayla Finance
