Saudi fintech company JeelPay has secured SAR 25 million ($6.6 million) to fund its expansion plans.

The Buy Now, Pay Later (BNPL) firm, which provides education financing, secured the new capital during a Pre-Series A investment round from Joa Capital, AlJazira Capital and other angel investors.

JeelPay is one of the latest businesses to attract significant interest from investors looking to cash in on the GCC’s growing start-up community.

Middle East food tech start-up Calo has recently raised SAR 94 million in a Series B funding round. The firm intends to launch an initial public offering (IPO) in Saudi Arabia by 2027.

Through its “study now, pay later” scheme, JeelPay enables parents to fund upfront their child’s tuition. 

Jeel Pay plans to use the fresh capital to fund its expansion. It is also looking to develop new financing solutions and collaborate with institutions in the education sector.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)