Saudi digital payment solutions startup, CashIn, gets $1.6mln in funding

The startup provides digital payment solutions, virtual points of sale, and other payment features to businesses

  
Image used for illustrative purpose. Person hands with credit card and mobile phone at desk, Online shopping concept.

Image used for illustrative purpose. Person hands with credit card and mobile phone at desk, Online shopping concept.

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DUBAI: Saudi financial technology startup CashIn has raised SR6 million ($1.6 million) in its latest funding round, as the industry grows bigger due to evolving consumer habits.

The startup provides digital payment solutions, virtual points of sale, and other payment features to businesses who are looking to manage sales in an integrated platform.

It comes as a new e-invoicing rule in the Kingdom is set to be implemented, with CashIn partnering with the government sector to fully comply with it, the startup said in a statement.

“The Kingdom of Saudi Arabia is undergoing rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen on CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 vision,” its chief executive officer Omar Al-Rammah said.

The seed round was led by BIM Ventures and a number of angel investors, the startup said.

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