Saudi Arabian fintech savings platform Hakbah has successfully raised $5.1 million in a Series A funding round, a substantial boost for the savings platform’s growth and innovation strategies.
The round was anchored by venture capital firm VentureSouq and backed by new investors M-Capital and Bunat Ventures, alongside existing backers Global Ventures and Aditum Investment Management Ltd.
In a statement, Hakbah said the funding round underscores the market’s confidence in the company’s strategic vision and future expansion prospects.
Naif AbuSaida, the founder of Hakbah, expressed his gratitude for the trust placed in his company by both new and returning investors.
He highlighted the pivotal role this funding would play in accelerating Hakbah’s growth trajectory and enhancing financial stability for individuals in the region.
AbuSaida’s vision for the company is centered around creating an accessible and impactful savings platform, with the ambitious goal of doubling the individual savings ratio in Saudi Arabia by 2025.
The newly acquired funds are earmarked for several key areas of development. A significant focus will be on product enhancement, particularly through the integration of Machine Learning technologies and the refinement of the company’s savings engine.
Additionally, a portion of the capital is dedicated to attracting and nurturing top talent within the region, which is crucial for cementing Hakbah’s position as the premier savings platform in the MENA region.
Hakbah’s platform stands out for its ability to promote financial inclusion and for its quick and seamless integration with existing banking systems, according to the announcement.
The platform modernizes the concept of traditional group savings, known locally as Jameya, allowing users to save collectively for various financial needs.
Musaab Hakami, General Partner – Fintech at VentureSouq, expressed enthusiasm about leading the investment in one of MENA’s most innovative startups.
He commended Hakbah for its trailblazing product, market impact, and consistent growth. Hakami’s remarks underscore VentureSouq’s commitment to supporting Hakbah’s continued scaling and market penetration.
This funding round represents a significant milestone for Hakbah, positioning it for accelerated product development and expansion in the MENA region’s dynamic financial services landscape.
