Saudi-Based FinTech CashIn closes $1.6M Seed Round

Interested in more data on startup investments? Access our data on 6,250+ startup funding rounds

The Saudi-based FinTech and digital POS provider CashIn has successfully raised $1.6M in its latest funding round. The Seed round was led by key investors in the region including BIM Ventures and a number of angel investors. 

The first half of the year marked the highest amount of FinTech funding raised within a period of six months in the MENA region. UAE and Saudi Arabia-based startups accounted for 60% of total MENA funding into FinTech during this time driven by major deals like KSA’s Lendo raising $7.2M and Hala raising $6.5M both in Series A, and the UAE’s top FinTech deal with Postpay raising $10M Series A

Founded this year by Omar Al-Rammah, Obay Al-Madhi, and AbdulKarim Zureik , CashIn set forth to provide digital payment solutions, virtual points of sale and a multitude of payment features helping retailers and service providers receive payments and manage sales in a fully integrated platform. The startup not only aims to digitize offline sales operations, but it also aims to give retailers a regulated structure for government-approved E-commerce transactions. 


 CashIn has built relationships with a number of government sectors such as ZATCA to become one of the first providers of electronic solutions that comply with the requirements of E-invoicing (FATOORAH). Additionally, the Saudi-based startup has been growing its network by partnering with banks and key stakeholders to provide optimized invoicing and financing solutions for its users. 

 This most recent fundraise is a prime opportunity for the Saudi-based FinTech to access and lead the market with a fully-fledged digital payment solution and E-invoicing. Moreover, Omar Al-Rammah CEO of CashIn, said: “The Kingdom of Saudi Arabia is undergoing a rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen in CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 vision by providing advanced and holistic technical solutions for related parties in cooperation with our partners from the government, banking, and private sectors”.

Want to grasp this startup landscape? Access real-time data on FinTech Startups in Saudi Arabia