– UmrahCash, a Riyadh-based fintech startup, has secured $500,000 in investment from Adaverse Venture Fund to modernize the traditional Umrah experience and address financial challenges for pilgrims, especially from developing countries.

– In 2023, Saudi Arabia saw a record 26,856,833 Umrah performers, an 8.7% increase from the previous year, with international pilgrims numbering 13,550,593—a 61.8% rise from 2019.

– Founded in Jeddah, UmrahCash leverages technology to simplify currency access, allowing pilgrims to make payments in their home countries and receive Saudi Riyals upon arrival, enhancing the security and efficiency of currency exchange for Hajj and Umrah.

UmrahCash, a fintech startup based in Riyadh, has secured a $500,000 investment from Adaverse Venture Fund. This funding represents a significant advancement in modernizing the traditional Umrah experience and addressing the financial challenges faced by pilgrims, especially those from developing countries.

In 2023, Saudi Arabia experienced an unprecedented influx of international Umrah pilgrims, with 26,856,833 individuals performing Umrah—an 8.7% increase from the previous year. Of these, 13,550,593 were international pilgrims, reflecting a remarkable 61.8% rise and surpassing the previous record of 8.5 million set in 2019. Notably, most of these international pilgrims came from emerging markets.

Founded in Jeddah, UmrahCash aims to revolutionize the Umrah and Hajj industry by leveraging technology. The platform simplifies access to Saudi Riyals in Mecca, Medina, and Jeddah, enabling pilgrims to make payments in their home countries and receive local currency upon arrival in Saudi Arabia.

Through its app, UmrahCash connects liquidity providers, agents, and pilgrims to streamline currency exchange for Hajj and Umrah. By integrating financial flows with a user-friendly technology interface, UmrahCash ensures both security and transparency, benefiting users and regulators alike.