Malaa Bags $17.32 Million in Series A Investment Round
This investment will help Malaa enhance its compliance, governance, and cybersecurity systems.
Saudi Arabia-based wealth management company Malaa has raised SAR 65 million ($17.32 million) in a series A investment round. The round was led by NCB Capital, the kingdom's largest asset manager, with participation from Derayah Financial and Khawarizmi Ventures.[1]
This investment will help Malaa enhance its compliance, governance, and cybersecurity systems to ensure the stability of services, protect customer data, and prevent fraud. The company is also working on launching new investment and savings products to offer more features and advantages for its customers.
Founded in November 2021, Malaa holds licenses from the Saudi Central Bank (SAMA) for open banking activities and from the Capital Market Authority (CMA) for robo-advisory and asset management services.