Saudi Arabia-based fintech Circyls has raised $1.3 million in pre-Series A round by the crowdfunding platform Scopeer to grow its team and expand its user base across KSA.
Circyls raised $1.3 million Pre-Series A round through Scooper, a crowdfunding platform. Before this, Circyls had raised its Seed Round worth $400K back in 2019. It also managed to join the Saudi Central Bank (SAMA) regulatory sandbox. This year, the startup would go public on Nomu, the secondary public market in Saudi Arabia.
Circyls offers its users the opportunity to have expanded access to capital through its e-ROSCA model. The rotating savings and credit association (ROSCA) model is the most popular saving mechanism among communities with limited access to formal financial services. e-ROSCA is a digital alternative to the traditional saving mechanism.
The platform lets users choose to join a specific cycle based on the amount of money they need and schedule a payout date of their preference.
After this acquisition of the latest investment, Circyls plans to serve up to 600,00 users across Saudi Arabia in the coming period. The startup would be channelling the funds to grow its team and expand its user base across KSA.
