Funding Secured for Middle Eastern Companies: HALA, Bynow, Rihal, and Others in Saudi Arabia and Oman
In the dynamic world of fintech, the Middle East is making significant strides, with a number of startups raising substantial amounts in funding rounds. Here's a roundup of some of the recent investments in the region.
HALA, a Saudi Arabian fintech startup, secured a impressive $157 million in a Series B investment round. The funding round was led by TPG's The Rise Fund and Sanabil Investments, with participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital, among others. HALA provides embedded financial services to micro, small, and medium enterprises, offering SME banking and freelancer solutions to enable businesses to start, operate, and grow seamlessly.
Bwatech, another Saudi fintech company, raised $16 million in a funding round led by Sharaka Financial. Bwatech is an integrated fintech platform offering digital bank guarantees, account management, and open banking services. The funds will be used to expand the business and further develop its offerings.
Fintologya, a Bahrain-based fintech infrastructure startup, raised $1 million in a seed round led by a Gulf holding company. Founded in 2024 by Mohsen Badrani and Omar Dahhane, Fintologya provides scalable platforms in Saudi Arabia and Bahrain for banks and fintechs to launch next-generation financial products. The funding will be used to strengthen compliance frameworks and accelerate innovation in the region's digital payment ecosystems.
Sindbad Tech, a Saudi Arabian fintech company founded in 2013, has evolved from a research project to a fintech company focused on developing cutting-edge investment solutions. Sindbad Tech raised $4.8 million in seed funding led by Alkhabeer Capital to expand the business. The funds will be used to expand product offerings and develop advanced technologies to enhance transaction efficiency.
Bynow, a Saudi B2B fintech, raised $1.2 million from Merak Capital. Bynow offers buy-now-pay-later (BNPL) solutions for businesses and already has operations and clients in 22 countries, including the UAE, Europe, and the UK. The startup aims to use the additional funds to expand into Saudi Arabia and deepen its market-leading B2B loyalty programme across MENA.
LDUN, a Saudi Arabia-based fintech, raised a $4.8 million seed round led by Sadu Capital to grow its business. LDUN provides a tech-enabled platform that facilitates trade credit between suppliers and retailers with an aim to improve purchasing power for business owners and enhance suppliers' cash flows.
Wadaie offers a platform that connects depositors with all banks in Saudi Arabia, enabling them to earn returns on Shariah-compliant time deposits without the need to open new accounts in other banks. Wadaie raised a seed round led by VentureSouq to expand to new markets.
Rihal, an Oman-based enterprise SaaS provider, secured $7.5 million in the first close of its Series A round. Rihal specializes in data, software, and AI support to diverse clients.
Lastly, Qashio, a UAE fintech, secured strategic investment from Saudi Arabia's Alinma Bank. Qashio offers a comprehensive spend management solution for corporates, enabling businesses to gain full visibility and control of their expenses. Founded in 2021 by Armin Moradi, Qashio aims to use the funds to further develop its offerings.
These investments highlight the growing interest in the Middle Eastern fintech sector, with startups attracting significant funding to drive innovation and growth in the region.
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