Riyadh –  Saudi-based fintech savings platform Hakbah has secured a $5.1 million Series A fundraise led by VentureSouq, the MENA-based venture capital firm.

The funding round was also led by M-Capital, Bunat Ventures as well as existing investors Global Ventures and Aditum Investment Management Ltd.

The platform will use the proceeds of the investment to develop its products, with a strong focus on Machine Learning (ML), according to a press release.

Moreover, the company plans to enter two regional markets, either through a partnership or a strategic alliance.

Hakbah is one of MENA’s fastest-growing startups, as it operates in Saudi Arabia’s $216 billion savings market. It recorded an 18x increase in total savings under management and a 4x growth in revenue during 2023.

Naif AbuSaida, the Founder of Hakbah, said: “We are working to build a savings platform via which individuals can save easily, quickly, collectively, and with impact - on our mission to double the individuals' savings ratio in Saudi Arabia by 2025.”

“With the sizeable Savings Groups and Household Savings markets, and 60% of the population under 30, there is a significant opportunity for efficient, digital solutions to transform Saudi Arabia’s savings habits,” AbuSaida continued.

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