UmrahCash Secures $500,000 Investment from Adaverse
UmrahCash focuses on addressing the financial challenges faced by pilgrims.
Saudi Arabia-based fintech startup UmrahCash has raised $500,000 from Adaverse Venture Fund. Founded in Jeddah, UmrahCash focuses on addressing the financial challenges faced by pilgrims, particularly from developing countries, by providing easier access to Saudi Riyals through its platform.[1]
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The platform allows pilgrims to make payments in their home countries and receive Saudi Riyals upon arrival in Mecca, Medina, and Jeddah, simplifying the currency exchange process and reducing costs and risks associated with traditional methods.
In 2023, Saudi Arabia saw 26.9 million Umrah pilgrims, an 8.7% increase from the previous year. The rise in pilgrim numbers, especially from emerging markets, aligns with Saudi Arabia’s Vision 2030 goals to expand pilgrimage capacity and improve the experience.
UmrahCash’s app connects liquidity providers, agents, and pilgrims to offer secure financial transactions, supporting the kingdom’s ongoing efforts to modernize religious tourism and promote financial accessibility for pilgrims.