The KSA-based FinTech empowering business with data-driven financial servicing, Malaa Tecnologies has raised $1.7M in SEED funding to unlock its full potential in the worlds of Open Banking & Finance.
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KSA-based FinTech and data-driven Financial services provider Malaa Technologies has successfully raised $1.7M (6.4 million SAR) in its latest funding round. The Seed round recorded participation from exiting investor Impact46, as well as Khwarzmi ventures, VentureSouq, WealthWell, and a number of angel investors.
Established back in November 2020, the startup was founded by Ali Alorainy and Faisal Alqarni who both come with diverse experiences in finance and technology. Malaa has set forth to fill the gap in the current financial product offerings and advances cutting-edge technology adoption by providing data-driven financial products and services that serve end consumers and organizations. Malaa aims to be the go-to when it comes to financial decision making whether it’s saving, loans, or investing.
As recorded in our FinTech 2022 Venture Investment Report, investor tendencies towards later-stage deals increased average funding rounds exponentially. In 2021, the average Early-Stage round (Pre-SEED- Pre-Series A) jumped from $1M in 2020 to $2.1M, while a remarkable 99% growth has been observed in the average Series B round between 2017 and 2021. With investors like Global Ventures (UAE), Impact 46(KSA), Global Founders Capital (GER), and Raed Ventures (KSA) closing the lion’s share of FinTech investment in MENA, the sector observed a 44% growth in transactions to close a record-high of 108 deals in 2021. Surely, while FinTech Mega Rounds ($100M+) were exclusive to Africa in 2021, major investments have been raised by the likes of BNPL provider Tabby, Crypto exchange platform BitOasis, and Open Banking and InsurTech solutions provider Rasan Information Technology.
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Malaa recently announced obtaining SAMA’s permit to operate open banking activities with the aim to help individuals make better financial decisions through cutting-edge technologies in big data and artificial intelligence. Abdulaziz Alturki, MD of Khwarizmi ventures, said, “Malaa team is a great example of aspiring entrepreneurs who took a bold step as the first fintech company to launch its services on top of Open Banking. Malaa will contribute to facilitating access to expense management and promoting a culture of savings in communities. We are pleased to have joined their journey in achieving their mission of raising financial awareness and personal financial management”
Mohammed Alnasyan, from the impact46 team, adds: “There is an increase in financial awareness driven by changing consumer behavior globally and a number of government initiatives locally. Along with the Open Banking Policy, the need for personnel tools to manage and take effect of this major shift in the financial sector is evident. Malaa has a unique approach to addressing this shift with its solutions from financial management, investment, and especially lending. We have a long history with Malaa's founders and we have always been impressed by their ambition and resilience. We are believers in Malaa team and vision and are happy to support their journey"
The platform-boosting investment will allow the Saudi-based FinTech to further develop its proprietary technologies and expand its market reach as it dives further into Open banking & finance propositions. In light of this investment, VentureSouq General Partner Suneel Gokhale concluded, “Our FinTech thesis includes personal finance management where we think there is significant whitespace in the MENA region and we are excited about Malaa’s solutions-based approach starting with savings for millennials and Gen Z users as a tool to make better borrowing and investing decisions. We are thrilled to be joining Ali and Faisal on their journey.”
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