Saudi Arabia

Saudi Central Bank Allocates Payment Licenses To Network International Arabia and Barraq

The Saudi Central Bank (SAMA) licensed “Network International Arabia” to provide payment services through points-of-sale (POS), and “Barraq” to offer e-wallet services. With the addition of these two companies, there are now 27 licensed companies offering payment services in Saudi

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Top 5 Investors in Saudi Arabia’s Fintech Ecosystem in 2023

In 2023, Saudi Arabia asserted its dominance in the Middle East and North Africa (MENA) region’s venture capital (VC) landscape, with startup funding surging beyond the US$1 billion milestone for the second consecutive year, data from a new report by

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Finshape and Arab National Bank Join Forces for Personalised Banking Solutions

Finshape, a leading fintech solutions provider, is excited to announce a strategic collaboration with Arab National Bank (anb), a major bank in Saudi Arabia. This collaboration aims to deliver customized banking experiences that cater to the unique needs of their

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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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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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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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Saudi’s Tamara Is Now a Fintech Unicorn

Tamara, a leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity

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Saudi’s Debt Crowdfunding Marketplace Lendo Closes $28M Series B Funding

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund PIF. The round saw participation from Shorooq Partners, AB

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