Saudi Fintech Jeel Pay Bags US$6.7 Million In Pre-Series A
The platform enables parents to pay fees in monthly installments through a “study now, pay later” scheme while allowing schools to receive payments upfront.
Jeel Pay, a Saudi financial technology (fintech) company focused on education finance, has secured SAR 25 million (US$6.7 million) in a pre-series A funding round led by JOA Capital with the participation of Aljazira Capital.
The buy-now-pay-later (BNPL) startup plans to use the funding to develop its digital offerings and recruit specialized talent, supporting its goal of providing solutions that improve access to education and meet market requirements.
Jeel Pay was founded in Riyadh in 2022 by Bader Al-Dughaish, Faisal Al-Hussein, and Mohammed Al-Khudair. The platform enables parents to pay fees in monthly installments through a “study now, pay later” scheme while allowing schools to receive payments upfront.
Bader Al-Dughaish, CTO of Jeel Pay, stated that investing in digital solutions and attracting specialized talent is a key part of the company’s expansion plans. These efforts aim to enhance operational efficiency and develop financial solutions for customers. He noted the startup’s ongoing work to build partnerships with educational institutions and explore financing models to improve access to education through modern technologies. Al-Dughaish explained that the investment round is an important step in Jeel Pay’s plans for expansion and the creation of financing solutions that meet market needs.
Yousef Alyousefi, CEO of JOA Capital, highlighted the importance of the education and financial services sectors and the contribution of digital platforms to these fields. He explained that the investment aligns with JOA Capital’s objective to support digital companies with capable management teams that can collaborate with larger businesses to achieve growth. He added that the investment supports Saudi Vision 2030 and initiatives by the Saudi Central Bank (SAMA) to improve financial awareness and financial inclusion in the Kingdom.
Aljazira Capital's team expressed confidence in Jeel Pay’s vision and management, noting that the “study now, pay later” model addresses a key market need and helps students access educational opportunities.
