KSA-based FinTech and digital broker for personal loans in Saudi Arabia, Arib
has raised $2.3 million in Seed funding round led by Merak Capital to finalize the licensing process, expand Arib’s portfolio of services and streamline its operations and technology infrastructure.
The funding round was led by Merak Capital which is an asset management company licensed by the Capital Market Authority (CMA) of Saudi Arabia that invests in the technology sector across equity classes, private and public.
“We at Merak have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure. As such, we are proud to back Arib as it accelerates in digitizing hundreds of billions in loans across the Kingdom, and soon the region.”
~ Abdullah Altamami, Partner and CEO of Merak Capital
Arib, launched in 2019 by Waleed Talaat, Omar Alhammad, and Mohamed Dessouky is the first and largest digital broker in Saudi Arabia that aggregates all financing institutions in one platform to provide the end-user with all available financing offers.
Arib developed its first product, Syaaraat, an all-in-one platform that provides consumers with auto financing options from different banks and financing companies. The platform helps people choose the best auto financing options pertaining to their credit profile quickly and easily while increasing sales, lowering costs, and offering access to new clients for banks and car dealerships.
“The Kingdom of Saudi Arabia is witnessing an unprecedented revolution in technology, and it’s not more apparent than in the FinTech space. Alongside the accelerated adoption of FinTech solutions, SAMA introduced a license for digital brokerages as a supportive activity to financing services. And we are proud to have been granted initial approval by SAMA for the activity of digital brokerage services.”
~ Waleed Talat, CEO and Co-founder of Arib
The proceeds of the recent fundraise would enable the startup to meet the requirement set by SAMA to finalize the licensing process, expand Arib’s portfolio of services to encompass different types of loans, including personal loans, home loans, and credit cards. It would further help Arib to streamline its operations and technology infrastructure.