Saudi FinTech Malaa Technologies raises $1.7M Seed to expand its market reach

Malaa Technologies raises $1.7M

The KSA-based FinTech empowering business with data-driven financial servicing, Malaa Technologies has raised $1.7M in Seed funding to unlock its full potential in the world of Open Banking and Finance.

The Seed round recorded participation from exiting investor Impact46, as well as Khwarzmi ventures, VentureSouq, WealthWell, and a number of angel investors.

“Malaa team is a great example of aspiring entrepreneurs who took a bold step as the first fintech company to launch its services on top of Open Banking. Malaa will contribute to facilitating access to expense management and promoting a culture of savings in communities.”

~ Abdulaziz Alturki, MD of Khwarizmi Ventures

Malaa is a Saudi-based startup founded in 2020 by Ali Alorainy and Faisal Alqarni, that fills the gap in the current financial products offerings and advances cutting-edge technology adoption by providing data-driven financial products and services that serve end consumers and organizations.

Malaa gives its users a single place to manage their money, connect all their accounts, manage, save and invest or even apply for a loan. The startup aims to be the go-to when it comes to financial decision making whether it’s saving, loans or investing.

“There is an increase in financial awareness driven by changing consumer behavior globally and a number of government initiatives locally. Along with the Open Banking Policy, the need for personnel tools to manage and take effect of this major shift in the financial sector is evident. Malaa has a unique approach to addressing this shift with its solutions from financial management, investment, and especially lending.”

~ Mohammed Alnasyan, Impact46

The latest acquired funds would enable the Saudi-based FinTech to further develop its proprietary technologies and expand its market reach as it dives further into Open banking and finance propositions. 

“Our FinTech thesis includes personal finance management where we think there is significant whitespace in the MENA region and we are excited about Malaa’s solutions-based approach starting with savings for millennials and Gen Z users as a tool to make better borrowing and investing decisions. We are thrilled to be joining Ali and Faisal on their journey.”

~ Suneel Gokhale, General Partner at VentureSouq

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