Saudi Wealthtech Hakbah Closes US$5.1 Million Series A

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

The post Saudi Wealthtech Hakbah Closes US$5.1 Million Series A appeared first on Fintechnews Middle East.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; and existing investors Global Ventures and Aditum Investment Management Ltd.

Hakbah operates in KSA’s $216 billion savings market. The Company has recorded a 18x increase in Total Savings Under Management and 4x increase in revenue this year, struck several blue-chip partnerships with the likes of flynas, the national low-cost airline in Saudi Arabia and the Middle East, has a customer base of over 500,000 users (of which 70% are between 21-35 years old).

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