Arib raises $23.5m to expand digital financing platform

By Aarav Garg

Saudi Arabia-based FinTech Arib has raised $23.5 million in a funding round led by Merak Capital, as the company looks to expand its digital financing platform and strengthen its presence in the Kingdom’s growing FinTech market.

The round included Sharia-compliant Murabaha financing facilities, reflecting rising demand for Islamic FinTech solutions and digital lending products across Saudi Arabia. The funding follows Arib’s earlier $2.3 million seed round completed in 2022, which was also led by Merak Capital.

Founded in 2018 by Omar Alhammad, Mohamed Dessouky and Waleed Talat, Arib operates a digital financing marketplace that connects users with banks and licensed lenders through a unified online platform. Customers can compare financing offers and submit applications digitally based on their financial profiles and borrowing needs.

The company said the latest funding will be used to enhance its technology infrastructure, expand operations and launch additional financing products for both individuals and businesses. Arib is targeting growing demand for digital financial services among consumers, entrepreneurs and small businesses seeking faster and more flexible financing options.

The investment also reflects broader momentum within Saudi Arabia’s FinTech ecosystem, particularly in digital lending, embedded finance and online financial onboarding, as the Kingdom continues advancing financial sector modernisation initiatives under Vision 2030.