• Saudi BNPL provider Madfu raised USD 25.5M Pre-Series A to expand operations, grow its merchant network, and strengthen technology infrastructure nationwide.
• The company offers Sharia-compliant installment payments, meeting rising demand for flexible, transparent alternatives to traditional consumer credit across Saudi markets.
• The funding comes as BNPL adoption accelerates, supporting Saudi Arabia’s Vision 2030 goals to expand fintech, digital commerce, and financial inclusion.

Madfu

Saudi-based fintech startup Madfu secured USD 25.5 million (SAR 95M) in a Pre-Series A funding round. The round included Afaq Capital and a group of angel investors.

Founded in 2022 by Abdullah Alibrahim, Ahmed Alwusheel, and Anas Alshuqair, Madfu operates a Buy Now, Pay Later platform. The company enables customers to split purchases into up to six installments without interest or hidden fees.

Madfu is licensed by the Saudi Central Bank to provide BNPL services to individuals and businesses. Its offering focuses on transparent pricing and payment flexibility in alignment with Islamic finance principles.

The platform is designed to support both consumers and merchants. For shoppers, it reduces short-term financial pressure. For merchants, it helps improve conversion rates and increase average basket size.

Expansion Plans

The new funding will support operational expansion across Saudi Arabia. It will also help grow Madfu’s merchant partner network across retail, e-commerce, and services sectors.

Additionally, it seeks to strengthen the company’s technology infrastructure. This includes improving platform performance and supporting higher transaction volumes as demand grows.

Madfu also plans to introduce new financing products tailored to evolving customer needs. The focus remains on compliant, flexible solutions that support responsible spending.

The timing reflects strong momentum in Saudi Arabia’s fintech sector. Digital payments and alternative credit solutions are expanding rapidly as consumer behavior shifts online.

BNPL has emerged as one of the fastest-growing segments within the ecosystem. Younger consumers and digital-first shoppers are increasingly choosing installment options at checkout.

The growth also aligns with the Kingdom’s broader Vision 2030 strategy. The program prioritises financial innovation, cashless transactions, and the development of a diversified digital economy.

With fresh capital and regulatory backing, Madfu is positioning itself to scale alongside Saudi Arabia’s expanding digital commerce landscape.