The Saudi-based revenue and expenditure software solutions provider Sanad Cash raises impressive funds to empower SMBs across Saudi Arabia
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Saudi-based On-Demand Payment and Spend Management Platform Sanad Cash, Inc. has raised a $1.6M SEED round with participation from Impact46 seed fund, BIM ventures, Hala ventures, Derayah ventures, and a distinguished list of angel investors in KSA.
Founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim Sanad Cash is a batch one alumni from Sanabil 500 accelerator. Sanad Cash offers small to medium-sized businesses (SMBS) and corporates a SaaS platform to help them track all of their spendings, and initiate on-demand payments for employees and others with just a few clicks.
As most recently recorded in our Startup Funding- 2022 Emerging Venture Markets Free Report, the FinTech sector was the most prominent industry in 2021 accounting for more than 20% of all deals and 30% of all capital deployed across Emerging Venture Markets. In Africa, all 6 of last year’s MEGA Deals were closed by FinTech startups including Wave Mobile Money, JUMO, Egypt-based Halan, and Flutterwave. The industry was not shy of stardom in Saudi Arabia either; as recorded in our 2021 Saudi Arabia Venture Capital Report sponsored by SVC, funding in the FinTech industry grew by more than 1,200 % YoY, observing a 286% YoY increase in number of transactions to record the highest number of deals for any industry in KSA over 2021. Multiple FinTech themes sturred investor interest in Saudi Arabia over the past year including crediting solutions, payment gateways, SME financing, and open banking with star startups like Rasan Information Technology, Lendo, Hala, and Tamara raising major investments in 2021.
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Focusing on a segment of the market that is known to generate high turnovers with running costs on a daily, Sanad Cash is set to empower small and medium-sized businesses with the means to keep track of all money circulation. As Co-Founder and CEO Mahmoud Iswiad elaborates, the Saudi-based FinTech has a vision is to introduce a one-stop shop for all SMBs day to day financials by offering them global standard digital tools at a reasonable cost. “Our partnerships with existing financial institutions will help us to introduce what we call an all-in-one new financial system that includes a corporate card, a spend management software, and a business account in one easy dashboard.” Says Mahmoud Iswiad, Co-Founder and CEO of Sanad Cash.
By focusing on SMBs, Sanad Cash has not only found a great market opportunity for their FinTech proposition but is also keen on empowering a segment of the market that plays a vital role in Saudi Arabia’s economy. “SMBs are the nerve of our economy and they represent not less than 90% of business and more than 50% of the employment in Saudi Arabia. We are witnessing a real need in KSA SMBs ecosystem to adopt more digital tools and move towards a cashless society which is a main pillar of the kingdom 2030 vision “Says Sultan Al-Hugial Co-Founder and Chief Commercial Officer.
Sand Cash will utilize its newly acquired funds to strengthen its position in the KSA market and acquire new local talents across multiple fronts. The Saudi-based FinTech set forth on a mission to be the number one enabler for efficient and cost-effective on-demand payment and spend management in Saudi Arabia and the Middle East. The team concluded in their statement “We are extremely thankful to all of the investors who participated in this round and our legal firm Levari for leading the legal front in this round and the previous pre-seed round as well.”
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