Hakbah, the Saudi-based fintech financial savings platform has secured $2 million pre-Sequence A funding spherical led by International Ventures – Mena’s main enterprise capital agency and DIFC-based Aditum Funding Administration offering Hakbah with its first institutional capital.
The funding which follows approval granted by the Saudi Central Financial institution (SAMA),can be used to speed up Hakbah’s presence in Saudi Arabia, enhance the person journey, and improve its financial savings engine algorithm – to optimally serve prospects searching for to avoid wasting in an progressive, accessible method, with a social impression.
Naif AbuSaida, Founding father of Hakbah, mentioned: “We’re proud to have two sturdy monetary establishments, International Ventures and Aditum, as our major buyers. They share our values, imaginative and prescient, and ambition to raise the financial savings business to the subsequent degree. Financial savings are an vital pillar of the Monetary Sector Growth Programme and rising them is a key focus for Saudi Imaginative and prescient 2030.”
“Hakbah will play a key position in supporting this objective by widening its financial savings providing and partnerships for workers, gig-workers, college students, housewives, and plenty of others.”
Hakbah is among the fastest-growing firms within the area. Natural progress in 2022 was over 20x, because it helped 18,000 prospects save over $35 million. Hakbah strengthens monetary inclusion through social financial savings, and a stable worth proposition – which has pushed unprecedented demand from 120,000 lively, verified and ready-to-serve prospects on its platform.
Hakbah is tackling the Center East financial savings disaster; innovatively digitising monetary habits, and leveraging knowledge, wants and behaviours. In Saudi Arabia, 70 per cent of Saudis don’t have emergency financial savings, with the family financial savings charge averaging 1.6 per cent solely.
Noor Sweid, Managing Companion of International Ventures, commented: “Whereas financial savings teams are the most well-liked type of various borrowing for unbanked teams in rising economies, numerous ache factors nonetheless outline the person expertise. These embrace inefficiencies in figuring out and managing financial savings teams, to a scarcity of transparency, flexibility and consistency in funds. Hakbah is stepping in to digitise the $6 billion ROSCA market in Saudi Arabia and the broader area. We’re thrilled to accomplice with Naif and the crew on their mission to modernize monetary financial savings and enhance monetary inclusion within the Kingdom and past.”
Lachlan Hughes, Head of Enterprise Capital at Aditum Funding Administration, mentioned: “We’re thrilled to accomplice with Hakbah of their mission to drive monetary inclusion and promote financial savings within the Gulf area. The highly effective mixture of Hakbah’s distinctive person expertise, subtle back-end know-how and partnerships with main regional manufacturers will empower thousands and thousands of customers to satisfy their financial savings objectives. We’re impressed with Naif’s imaginative and prescient and management and sit up for supporting Hakbah as they proceed to scale and make a significant impression within the area.”
Hakbah’s platform supplies entry to finance through financial savings in a authorized and digital manner; elevating conventional financial savings behaviour; enabling customers to avoid wasting for goal; and rising monetary inclusion and literacy. Financial savings Teams are a well-liked and conventional financial savings behaviour in over 60 nations worldwide.