VentureSouq Leads US$5.1M Series A Round for Fintech Pioneer Hakbah in MENA’s Savings Market

VentureSouq Leads US$5.1M Series A Round for Fintech Pioneer Hakbah in MENA’s Savings Market

In a landmark achievement, Hakbah, the premier Saudi-based fintech savings platform, has successfully raised US$5.1 million in its Series A funding round. The round was spearheaded by VentureSouq, a leading MENA-based venture capital firm with a global footprint. Notable participation came from new investors M-Capital and Bunat Ventures, along with continued support from existing investors Global Ventures and Aditum Investment Management Ltd. Hakbah has emerged as one of the fastest-growing startups in the MENA region, operating within Saudi Arabia's substantial US$216 billion savings market. The company's stellar performance includes an impressive 18x increase in Total Savings Under Management and a fourfold surge in revenue this year. Forming strategic partnerships with industry leaders like flynas, the national low-cost airline in Saudi Arabia and the Middle East, Hakbah boasts a customer base exceeding 500,000 users, with 70 percent falling between the ages of 21 and 35. The infusion of capital from the Series A round will be channeled towards robust product development, with a primary emphasis on leveraging Machine Learning to enhance Hakbah's easily integrable savings engine. A significant portion of the funds will be dedicated to attracting and nurturing top-tier talent, reinforcing Hakbah's standing as the leading savings platform in the