Saudi Fintech Startup Hakbah Raises USD2 Million in Pre-Series A Funding Round

(MENAFN) Saudi-based fintech startup Hakbah has raised USD2 million in a pre-series A funding round led by Global Ventures and Aditum Investment Management. Founded in 2018, Hakbah has managed to attract its first institutional capital from Global Ventures and has received licensing approval from the Saudi Central Bank, also known as SAMA.

Hakbah is a savings platform that aims to strengthen financial inclusion through social savings. The company has witnessed over 20 times organic growth in 2022, helping 18,000 customers save over an accumulated USD35 million, according to a press release. Naif Abusaida, founder of Hakbah, said, "We are proud to have two strong financial institutions, Global Ventures and Aditum, as our primary investors. They share our values, vision, and ambition to elevate the savings industry to the next level."

The company plans to use the funding to accelerate growth and cement its presence in the Kingdom, as well as enhance its savings engine algorithm. Abusaida added, "Savings are an important pillar of the Financial Sector Development Program and increasing them is a key focus for Saudi Vision 2030." With this funding, Hakbah is positioned to make a significant impact on financial inclusion and savings in the Saudi Arabian market.

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