Saudi B2B fintech Rakeez Capital raises $2m funding round

Saudi B2B fintech Rakeez Capital raises $2m funding round

Riyadh – Mubasher: Saudi business-to-business (B2B) fintech Rakeez Capital has secured a $2 million Seed round, led by Core Vision Investments, according to a press release.

Rakeez Capital will use the new investment to develop advanced and reliable financial solutions for its clients, in addition to enhancing its AI technologies to expand its customer base and explore more opportunities in the market.

Launched in 2023, Rakeez Capital provides a wide range of financing options for investors, companies, and real estate developers through Sukuk issuance.

Saeed Al Ahmari, Co-Founder and CEO of Rakeez Capital, highlighted that the fundraising transaction backs their role in contributing to the development of the financial sector in line with the Saudi Vision 2030, through facilitating growth for companies and achieving financial inclusion.

The total market size reached nearly SAR 534.72 billion by the end of the third quarter (Q3) of 2023, with a growth rate of 5% compared to SAR 511.25 billion at the end of the same quarter. 

Saudi B2B fintech Rakeez Capital raises $2m funding round