– Malaa raised $17.3 million in a Series A funding round led by SNB Capital, with participation from Derayah Financial and Khwarizmi Ventures, to accelerate the launch of new investment and savings products.

– CEO Ali Alorainy credited regulatory support from the Saudi Central Bank and the Financial Market Authority’s Fintech Lab for helping Malaa enhance its compliance, governance, and cybersecurity systems.

– The fintech aims to expand its innovative wealth management offerings to help clients achieve their financial goals, leveraging the confidence and backing of Saudi Arabia’s largest asset managers.

Malaa, a wealth management company, has closed a Series A funding round, raising $17.3 million. The round was spearheaded by SNB Capital, one of Saudi Arabia’s leading asset managers, with additional investments from Derayah Financial and Khwarizmi Ventures.

With this substantial injection of capital, Malaa is set to expand its offerings by launching a new suite of investment and savings products tailored to meet the evolving needs of its clients. These upcoming products promise to deliver enhanced features and benefits, further solidifying Malaa’s position as an innovator in the wealth management space.

Ali Alorainy, Co-Founder and CEO of Malaa, stated: “Since joining the regulatory sandbox, we have been continuously improving and developing thanks to the guidance and support from the Saudi Central Bank’s sandbox and the Financial Market Authority’s Fintech Lab.

“The regulator has made significant efforts to overcome obstacles and support us throughout this journey. This round will allow us to enhance and upgrade our compliance, governance, and cybersecurity systems, which are crucial for ensuring service stability, protecting client data, and combating fraud,” Alorainy said.

Faisal Alqarni, Co-Founder and Chief Strategy Officer, noted: “The investment round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. We aim to enhance our clients’ experience by offering high-quality and innovative wealth management products, which we hope will help them achieve their financial goals efficiently and effectively.”

Since its establishment in November 2021, Malaa has made significant strides in the fintech sector. The company has secured authorization from the Saudi Central Bank to engage in open banking activities and has received approval from the Financial Market Authority for robo-advisory and asset management services.

As Saudi Arabia continues its journey toward becoming a global fintech hub, the Saudi Central Bank (SAMA) recently announced the second release under the Open Banking Framework, focusing on the Payment Initiation Service (PIS). This move is in line with the Kingdom’s broader vision of enhancing economic empowerment for individuals and society through cutting-edge financial technologies.