Hakbah Secures $5.1M in Series A Funding Led by VentureSouq

Hakbah's mission is to double individuals' savings ratio in Saudi Arabia by 2025.
Hakbah Secures $5.1M in Series A Funding Led by VentureSouq
Naif AbuSaida, Founder of Hakbah
  • Hakbah Secures $5.1M in Series A Funding: Saudi fintech, Hakbah, successfully raises $5.1 million in Series A, led by VentureSouq. New investors M-Capital and Bunat Ventures, along with existing ones, participated.
  • Rapid Growth and Partnerships: Hakbah, a top MENA startup, records an 18x increase in Total Savings Under Management and a 4x revenue surge. Operating in Saudi’s $216 billion savings market, it forms strategic partnerships, including with flynas. The customer base exceeds 500,000, with 70% aged 21-35.
  • Series A Funds for Expansion and Tech Enhancement: Hakbah plans to use the Series A funds to propel growth, focusing on Machine Learning for product development. The goal is to strengthen its savings engine and attract top talent in the region.

Saudi fintech leader Hakbah has raised $5.1 million in its Series A funding round, with VentureSouq, a MENA-based venture capital firm, taking the lead, according to a company statement.

New investors M-Capital and Bunat Ventures, alongside existing backers Global Ventures and Aditum Investment Management Ltd., also participated.

The company, a rapidly growing startup in the MENA region, operates in Saudi Arabia’s $216 billion savings market. This year, Hakbah recorded an impressive 18x increase in Total Savings Under Management and a 4x surge in revenue. 

The fintech firm has forged strategic partnerships with major players such as Flynas, the national low-cost airline.

Proceeds from the Series A funding will fuel further product development, with a focus on Machine Learning and enhancing Hakbah’s easily integrable savings engine. 

The capital will also be allocated to attract top talent, solidifying Hakbah’s position as the leading savings platform in the region. Anticipating entry into two regional markets soon, either through a partnership or strategic alliance, Hakbah aims to extend its footprint.

Hakbah’s social savings platform, which promotes financial inclusion and integrates with any banking system within a week, digitizes traditional group savings (Jameya) for financial needs. The platform, popular in over 60 countries, prioritizes total needs over time, promoting shared savings behavior, purpose-driven saving, and increased financial literacy.

Addressing the Middle East savings crisis, Hakbah’s model aligns with ‘Saudi Vision 2030’ and the country’s Financial Sector Development Program. 

With 70% of Saudi citizens lacking emergency savings and a household savings rate of just 1.6%, Hakbah’s mission is to double the individual savings ratio in Saudi Arabia by 2025.

Naif AbuSaida, Founder of Hakbah, expressed gratitude for the Series A funding, emphasizing its role in accelerating growth plans and ensuring financial stability for individuals. 

The company aims to build a savings platform that facilitates easy, quick, collective, and impactful savings.

Musaab Hakami, General Partner – Fintech, at VentureSouq, expressed excitement in leading the funding round, praising Hakbah’s innovative product, compelling market, and track record in delivering on growth promises. The focus remains on modernizing financial savings and increasing financial inclusion, with anticipation for the company’s continued scaling.

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