The Saudi-based FinTech Tamawal looks to disrupt the financial market by automating and offering on-demand personalized loans from multiple Financial players in the kingdom. Pre-roll out of their services, Tamawal raises $1.1M in Pre-SEED funding
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Saudi-based FinTech and Digital Financing Broker Tamawal has successfully raised $1.1M in its latest funding round. The Pre-Seed round was led by MRK with participation from 500 Falcons and Angel Investors in Saudi Arabia.
Founded in early 2020 by Eng Mohammed Alhathel and Dr. Abdullah Alsheikh, Tamawal is a marketplace for personalized loans that works as Digital Broker to provide customers with instantly approved tailor-made financing products from regulated banks and financing companies in Saudi Arabia.
The FinTech sector in MENA gained more momentum in 2021 as recorded in our Startup Funding- 2022 Emerging Venture Markets Free Report. This capital influx was driven by FinTech rounds closed in UAE including by payments provider Tabby and Crypto-powered FinTech BitOasis, FinTech rounds in Bahrain by payment gateway provider Tarabut Gateway and Crypto Exchange platform CoinMENA, and across MENA with major rounds closed by Rasan Information Technology (KSA), Expensya (Tunis), and Dopay (Egypt). Startups graduating from regulatory sandboxes across the UAE, Bahrain, and KSA have been pioneering next-generation technologies, and while FinTech-driven, disrupted several industries like InsurTech, Capital Markets, Blockchain and Cryptocurrency, and the Banking Sectors. Based on our KSA 2022 Venture Investment Report, the growth of FinTech funding in the kingdom was driven by ventures focused on alternative payment, crediting & micro-crediting solutions, as well as open banking and next-gen FinTech integrations with startups raising major rounds in 2021 the likes of NearPay, Lendo, and Hala.
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In addition, Tamawal provides an access to the Digital Financing Brokerage through its Tamawal as a Service (TaaS®) technology to enable businesses to provide instantly approved loans to their customers to sell more products. In this regard, Eng Mohammed Alhathel, the Co-founder and CEO of Tamawal, stated “the financial sector in Saudi is being disruptive with the accelerated focus on fintech solutions to help regulate the market to becoming the leading digital financial sector in the region. As such, the newly released regulator frameworks for fintech solutions from the Saudi Central Bank have attracted entrepreneurs and investors to the fintech sector in Saudi with the endorsement of the Saudi vision 2030 of fintech in the Financial Sector Development Program.”
Currently, Tamawal is working with the Saudi Central Bank to complete the regulatory requirements for the Digital Financing Brokerage license to release its innovative fintech solution to the Saudi Market. With these newly acquired funds, the Saudi-based FinTech will be able to support the launch of its services. From his side, Dr. Alsheikh, the Co-founder and CFO of Tamawal concluded, “our goal of closing this round is to complete the regulatory requirements of the Saudi Central Bank for the Digital Brokerage license since Tamawal was one of the earliest contributors to shaping up the regulatory framework for financial support activities.”
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