Circlys, Saudi-based money-circle platform, raised 5m SAR which accounts to $1.33m in funding at a $24M post-money valuation through crowd-equity funding platform Scopeer. The startup was founded in 2019 and is regulated by the Saudi Central Bank (SAMA), it has 30 partners in its network and 400k users.
Founded in 2018, Circlys provides a solution for financial circles, digitizing the process of collecting and distributing associations, providing a guaranteed service to subscribers and better control over the selection of times of subscription, payment and withdrawal of funds.
The platform aims to use the funds it obtained to support its expansion plans and open a new headquarters, in addition to attracting more employees. Circlys hopes to reach more than 600k users in the coming period.
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