Saudi Hakbah Closes Series A Investment Round

Hakbah, the Saudi-based Fintech savings platform, has announced that it has concluded a Series A investment round worth SAR 19 million ($5.07 million) led by Venture Souq, according to an announcement.^[1]  

M Capital Group, Bunat Ventures, Global Ventures, and Aditum Ventures also participated in the round.

The company will use the proceeds to develop its savings engine and develop new savings products with a strong focus on machine learning technology.

Hakbah also considering entering two nearby regional markets in the near future.

Hakbah, which was established in 2018, seeks to close the gender gap in savings and improve financial inclusion in Saudi Arabia by digitizing traditional savings groups.

The startup has recorded an 18-fold increase in savings under management and a 4-fold increase in revenue this year.

It also concluded several strategic partnerships with companies such as Flynas, and has a customer base exceeding 500,000 users - 70 percent of whom are people between the ages of 21 and 35 years.

Hakbah graduated from the DIFC Fintech Accelerator Program in 2019 and currently is part of the DIFC Fintech Hive and Fintech Saudi community. 

In April, Hakbah secured a $2 million pre-Series A funding round, while it raised $1.2 million in its seed round in 2021.