FinTech Hakbah raises $5.1m to boost business growth
By Delisha Fernandes
Hakbah, a Saudi-based FinTech savings platform, has announced 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; and existing investors Global Ventures and Aditum Investment Management Ltd.
Naif AbuSaida, The Founder of Hakbah, said, “We are grateful and happy to announce our Series A funding round and to enjoy the trust of both our new and existing investors. This demonstrates our success in delivering Hakbah’s strategic goals and will help to accelerate our growth plans and financial stability for individuals. We are working to build a savings platform via which individuals can save easily, quickly, collectively, and with impact – on our mission to double the individuals’ savings ratio in Saudi Arabia by 2025.”
Proceeds of the Series A funding round will be used for further product development, with a strong focus on Machine Learning and further developing the Company’s easily integrable savings engine. Capital will be ring-fenced to attract and nurture the region’s best talent and strengthen Hakbah’s position as the region’s leading savings platform.
Hakbah’s social savings platform – which strengthens financial inclusion and fully integrates with any banking system in less than a week – includes the digitization of traditional group savings (Jameya) with the purpose to spend on financial needs.
Musaab Hakami, General Partner – Fintech, of VentureSouq, said, “We are thrilled to lead this funding round in one of MENA’s most exciting start-ups, and to work with Naif and his team in their mission to modernize financial savings and increase financial inclusion. Hakbah has a truly innovative product, a compelling market, and a track record of delivering on its growth promises. We look forward to supporting the Company’s continued scaling.”
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