Saudi fintech Malaa Technologies raises $1.7mln in seed round

Getty Images/Busakorn Pongparnit

Contributors included capital investors Impact46, Khawarzmi Ventures, Venture Souq, WealthWell, and others

Staff Writer, Arab News

March 17, 2022

PHOTO

RIYADH: Malaa Technologies, a Saudi-based fintech startup, has raised SR6.4 million ($1.7 million) in a seed round.

Contributors included capital investors Impact46, Khawarzmi Ventures, Venture Souq, WealthWell, and others.

The startup recently obtained a permit from the Saudi Central Bank that would allow it “to operate open banking activities” to help users make better financial decisions through big data and artificial intelligence.

Open banking is a practice that provides third-party service providers open access to consumer banking, transaction, and other data from banks and nonbank financial institutions.

Founded in 2020, the startup will use the funds to further expand its market reach.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.