Hakbah platform, a Saudi-based fintech startup that specialises in alternative savings and savings groups, announced the closure of its seed round with a value of USD 1.2 million (SAR 4.5 million). Details of the investors were not disclosed.

The startup received the funding six months after obtaining the approval of the Saudi Central Bank (SAMA) to launch its commercial services in the Kingdom at the end of July 2020.

Hakbah said that it aims to modernise and ease saving behaviors through the Hakbah App for Savings Groups to help individuals increase their monthly regular saving amounts within the financial system.

Hakbah so far has about 5,000 verified users of 25 different nationalities.

Hakbah was among the 31 startups that had previously graduated from the DIFC Fintech Accelerator Programme 2019.

Following that, the fintech startup had signed a strategic partnership agreement with Visa and joined its global Fintech Fast Track programme in September 2020 where it had access to Visa’s partner network, and mentors.