Arib has raised US$23.5 million in a funding round led by Merak Capital to expand its digital financing marketplace in Saudi Arabia.

The round includes Sharia-compliant Murabaha financing facilities, highlighting the continued demand for Islamic fintech products across the Kingdom.

Founded in 2018 by Omar Alhammad, Mohamed Dessouky and Waleed Talat, Arib operates a platform that connects users with banks and licensed lenders.

The system allows customers to compare offers and apply for financing based on their specific borrowing requirements.

The company will use the new capital to expand its technology infrastructure and accelerate product development.

Arib also plans to launch new financing products aimed at consumers, entrepreneurs and small businesses.

The platform serves a growing demographic of younger consumers and businesses seeking faster digital lending alternatives.

The funding aligns with a broader shift in the Saudi fintech sector toward infrastructure startups covering embedded finance and digital lending, supported by the Kingdom’s Vision 2030 financial modernisation goals.

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