HomeBankingSaudi savings fintech Hakbah closes $5.2 million fund raise

Saudi savings fintech Hakbah closes $5.2 million fund raise

Date:

Barclays Exits the Net Zero Banking Alliance: What This Means for Sustainable Finance

Exploring the Implications of Barclays' Withdrawal from the Climate...

EBA Issues Alert on Money Laundering Risks in the Fintech Sector

Understanding the Growing Compliance Challenges for Fintech Firms Highlights: The...

Hong Kong to Issue First Stablecoin Licenses in Early 2026

A New Era for Digital Currency Regulation in Hong...
  • 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.
Exit mobile version