Saudi-based, on-demand payment and spend management platform, Sanad Cash has raised a $1.6 million in seed round led by Impact46 seed fund, BIM ventures, Hala ventures, Derayah ventures, among other angel investors in Saudi Arabia.
Sanad Cash was founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim. Sanad Cash offers small to medium-sized businesses (SMBS) and corporates a SaaS platform to help them track all of their spendings, and initiate on-demand payments for employees and others with just a few clicks.
“Sanad Cash vision is to introduce one a stop shop for all SMBs day to day financials by offering them global standard digital tools at a reasonable cost. Our partnerships with existing financial institutions will help us to introduce what we call an all-in-one new financial system that includes a corporate card, a spend management software, and a business account in one easy dashboard,” Mahmoud Iswiad, co-founder and CEO of Sanad Cash, said.
Sanad Cash will utilise its funding round to strengthen its position in the Saudi market and acquire new local talents across multiple fronts.
“SMBs are the nerve of our economy and they represent not less than 90 per cent of business and more than 50 per cent of the employment in Saudi Arabia. We are witnessing a real need in KSA SMBs ecosystem to adopt more digital tools and move towards a cashless society which is a main pillar of the kingdom’s 2030 vision,” Sultan Al-Hugial, co-founder and chief commercial officer of Sanad Cash, stated.
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