Rakeez Capital Secures $2 Million Seed Round
The investment was led by CoreVision.
Rakeez Capital, a B2B fintech company based in Saudi Arabia, has closed a $2 million seed round investment led by CoreVision. This will help the Kingdom of Saudi Arabia offer more financial technology services.
Rakeez specializes in issuing debt instruments and sukuk (Islamic bonds). The startup works on the localization of financial services within the Saudi market.
In 2023, Saudi entrepreneur Saeed Al-Ahmari founded Rakeez Capital. The company gives buyers and businesses ways to get money by issuing Sukuk. The fintech is working to make debt products more suitable for the Saudi financial market. Issuing and selling sukuk is one way that the company does this.
With the new investment, Rakeez Capital will be better able to come up with and offer its clients new and reliable financial solutions. It will also be able to improve its AI technologies to get more customers and look for more market possibilities.
CoreVision, a company specializing in Software as a Service (SaaS), technical education, e-commerce, enterprise solutions, and financial technology investment, extends financial backing, technical assistance, and guidance to investors and firms across diverse sectors.They help investors and companies in many different areas by giving them money and technical support.
The Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA) led the fintech Saudi initiative in April 2018. Its goal is to improve the financial technology industry and help KSA's economic and social growth.
The goal of the project is to help Saudi Arabia become a center for innovation in financial technology by developing talent, boosting skills, and helping fintech entrepreneurs with their growth.
After getting approval from the Financial Market Authority, Rakeez Capital launched in 2023 and offers a range of financing choices for investors and businesses. For example, companies and real estate developers can get financing through Sukuk issuance. They are known for being more flexible than standard bank loans. With more flexible contractual terms, these instruments can be given in a number of different formats and for longer periods of time.