Arib, FinTech and digital broker for personal loans in Saudi Arabia, raised $2.3m in its latest funding round. The SEED round was led by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia, with participation from angel investors.
Founded in 2019 Arib has developed its first product, Syaaraat, which is an all-in-one platform that provides consumers with auto financing options from different banks and financing companies.
The platform helps people choose the best auto financing options pertaining to their credit profile quickly and easily while increasing sales, lowering costs, and offering access to new clients for banks and car dealerships.
“We at Merak have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure. As such, we are proud to back Arib as it accelerates in digitizing hundreds of billions in loans across the Kingdom, and soon the region,” Abdullah Altamami, Partner & CEO of Merak Capital, said.
This investment will enable Arib to meet the requirement set by SAMA to finalize the licensing process as well as expand Arib’s portfolio of services to encompass different types of loans, including personal loans, home loans, and credit cards. Arib will also use this funding to streamline its operations and technology infrastructure.
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