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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”.
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