Saudi-based fintech savings platform, Hakbah has announced its successful $5.1m Series A fundraising. The funding round was led by VentureSouq. Also participating were new investors M-Capital and Bunat Ventures, as well as existing investors Global Ventures and Aditum Investment Management.
Hakbah is a fast-growing start-up and operates in KSA’s $216bn savings market. The Company has recorded an 18x increase in Total Savings Under Management and a 4x increase in revenue this year, struck several blue-chip partnerships with the likes of flynas, which has a customer base of over 500,000 users, of which 70% are between 21-35 years old.
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Hakbah anticipates entering two regional markets in the near future
Proceeds of the Series A funding round will be used for further product development, with a strong focus on Machine Learning and further developing the Company’s easily integrable savings engine. Capital will be ring-fenced to attract and nurture the region’s best talent and strengthen Hakbah’s position as one of the region’s leading savings platform. The Company also anticipates entering two regional markets in the near future, either via partnership or a strategic alliance.
Hakbah’s social savings platform includes the digitisation of traditional group savings with the purpose of spending on financial needs. savings groups are a popular and traditional savings behaviour. Hakbah’s users prioritise total needs over time and share the pool of money, which is rotated amongst them. This elevates traditional savings behaviour, allows saving for purpose, and increases financial literacy. The Company also anticipates entering two regional markets in the near future, either via partnership or a strategic alliance.
Naif AbuSaida, Founder of Hakbah, said: “We are grateful and happy to announce our Series A funding round and to enjoy the trust of both our new and existing investors. This demonstrates our success in delivering Hakbah’s strategic goals and will help to accelerate our growth plans and financial stability for individuals.”
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