Saudi fintech Malaa secures $17.3 million Series A

Saudi fintech Malaa secures $17.3 million Series A

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• 03 September, 2024

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• Saudi Arabia-based fintech Malaa has closed a Series A funding round at $17.3 million, led by SNB Capital, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.
• Founded in 2021 by Ali Aloraini and Faisal Alqarni, Malaa is a wealth management tool that empowers individuals and organisations for better financial decisions by offering data-driven financial products and services.
• The fresh funding round will enhance Malaa’s plans to launch a new range of investment and savings products, along with various features and services that meet the desires and aspirations of its customers.
• In March 2022, Malaa raised $1.7 million in a Seed round from leading regional investors.

Press release:

Malaa, a permitted company by the Saudi Central Bank’s regulatory sandbox and a prominent leader in wealth management in Saudi Arabia, announces the successful closure of its Series A funding round, raising 65 million SAR ($17.3 million). The round was led by SNB Capital, the Kingdom’s largest asset manager, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.

On this occasion, Ali Aloraini, Co-Founder and CEO, said: “Since joining the regulatory sandbox, we have continuously improved and developed, with guidance and support from the Saudi Central Bank’s regulatory sandbox and the Financial Market Authority’s fintech lab. The regulators have spared no effort in overcoming obstacles and supporting us throughout this journey. This round will allow us to enhance and bolster the readiness of our compliance, governance, and cybersecurity systems, which have become critically important to ensure service stability, protect customer data, and combat fraud.”

Faisal Alqarni, Co-Founder and Chief Strategy Officer, added: “This funding round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. Through this, we aim to enhance our customers’ experience by offering high-quality and innovative wealth management products, which will contribute to achieving their financial goals efficiently and effectively.”

This investment reaffirms Malaa’s commitment to providing the best solutions in wealth management. The company is working on launching a new range of investment and savings products, along with various features and services that meet the desires and aspirations of its customers, continuing its mission to be a leader in wealth management.