Saudi Arabia-based fintech LYNK has wrapped up an undisclosed investment round from Al Fozan Holding and Ramla Holding Group, Al Fozan said in a press release.
LYNK was established by BIM Ventures' Saudi Venture Studio earlier this year as a Shariah-compliant service provider that connects financial institutions, commodity markets and beneficiaries. It has a capacity of 15,000 daily transactions with a value of $1.33 bn and has automated more than $26.66 mn worth of murabaha transactions since it began operations in March.
The investment, which was facilitated by Investors' Mine Angel Network, will help LYNK expand its reach locally and internationally. LYNK intends to add new Shariah-compliant fintech products catering to financial institutions, with the aim of supporting the growth of the financial services sector.
BIM Ventures' Saudi Venture Studio is a Riyadh-based venture studio that builds enterprises from ideation to operations.
Al Fozan Holding is a Saudi-based conglomerate with owned and managed assets across the Middle East and GCC.