Saudi FinTech Malaa raises $1.7m in a Seed round

Saudi FinTech Malaa raises $1.7m in a Seed round

Malaa Technologies, Saudi-based FinTech startup, raised 6.4 million SAR, which accounts to almost $1.7m, in a Seed round. The round witnessed participation from Impact46, Khwarizmi ventures, Venture Souq, WealthWell, and a number of angel investors.

“Malaa team is a great example of aspiring entrepreneurs who took a bold step as the first fintech company to launch its services on top of Open Banking. Malaa will contribute to facilitating access to expense management and promoting a culture of savings in communities. We are pleased to have joined their journey in achieving their mission of raising financial awareness and personal financial management,” Abdulaziz Alturki, MD of Khwarizmi ventures, said.

The startup was founded in November 2020 by Ali Alorainy and Faisal Alqarni who both come with diverse experiences in finance and technology. Malaa recently announced obtaining SAMA’s permit to operate open banking activities with the aim to help individuals make better financial decisions through cutting edge technologies in big data and artificial intelligence

“Our FinTech thesis includes personal finance management where we think there is significant whitespace in the MENA region and we are excited about Malaa’s solutions-based approach starting with savings for millennials and Gen Z users as a tool to make better borrowing and investing decisions. We are thrilled to be joining Ali and Faisal on their journey,” VentureSouq General Partner, Suneel Gokhale, stated.

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