- Successful Fundraise: Hakbah, a leading Saudi fintech savings platform, announces a successful $5.1 million Series A fundraise.
- Investors: The funding round, led by VentureSouq, included participation from new investors M-Capital and Bunat Ventures, along with existing investors Global Ventures and Aditum Investment Management Ltd.
- Company Growth: Hakbah is one of MENA’s fastest-growing startups, operating in KSA’s $216 billion savings market. It has seen an 18x increase in Total Savings Under Management and a 4x increase in revenue this year.
- Partnerships: The company has formed strategic partnerships, including with flynas, the national low-cost airline in Saudi Arabia and the Middle East.
- Focus Areas for Funding: The Series A funds will be utilized for further product development, with a focus on Machine Learning and enhancing the easily integrable savings engine.
- Expansion Plans: Hakbah plans to enter two regional markets in the near future, either through partnerships or strategic alliances.
- Innovative Platform: Hakbah’s social savings platform, integrating with any banking system in less than a week, digitizes traditional group savings (Jameya) to enhance financial inclusion and literacy.
- Market Tackling: Hakbah addresses the Middle East savings crisis, aligning with ‘Saudi Vision 2030’ and the country’s Financial Sector Development Program.
- Savings Crisis Stats: Notably, 70% of Saudi citizens lack emergency savings, and the country’s household savings rate averages just 1.6%.
- Founder’s Statement: Naif AbuSaida, Founder of Hakbah, expresses gratitude for the Series A funding, emphasizing the mission to double individuals’ savings ratio in Saudi Arabia by 2025.
- Innovation through Technology: Hakbah aims to leverage machine learning and customer behaviors to develop cutting-edge savings products tailored to the unique needs of customers.
