Tamawal, Saudi-based FinTech and Digital Financing Broker, has raised $1.1m in its latest funding round. The Pre-Seed round was led by MRK with participation from 500 Falcons and angel investors in Saudi Arabia.
Founded in early 2020 by Mohammed Alhathel and Abdullah Alsheikh. Tamawal is a marketplace for personalized loans that works as digital broker to provide customers with instantly approved tailor-made financing products from regulated banks and financing companies in Saudi Arabia.
Tamawal provides an access to the digital financing brokerage through its Tamawal as a Service (TaaS®) technology to enable businesses to provide instantly approved loans to their customers to sell more products.
“The financial sector in Saudi is being disruptive with the accelerated focus on FinTech solutions to help regulate the market to becoming the leading digital financial sector in the region. As such, the newly released regulator frameworks for FinTech solutions from the Saudi Central Bank have attracted entrepreneurs and investors to the FinTech sector in Saudi with the endorsement of the Saudi vision 2030 of FinTech in the financial sector development program,” Mohammed Alhathel, the Co-founder and CEO of Tamawal, stated.
Currently, Tamawal is working with the Saudi Central Bank to complete the regulatory requirements for the Digital Financing Brokerage license to release its innovative fintech solution to the Saudi Market. With these newly acquired funds, the Saudi-based FinTech will be able to support the launch of its services.
“Our goal of closing this round is to complete the regulatory requirements of the Saudi Central Bank for the Digital Brokerage license since Tamawal was one of the earliest contributors to shaping up the regulatory framework for financial support activities,” Abdallah Alsheikh, Co-founder and CFO of Tamawal, said.
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