RIYADH: Malaa Technologies, a Saudi-based fintech startup, has raised SR6.4 million ($1.7 million) in a seed round.

Contributors included capital investors Impact46, Khawarzmi Ventures, Venture Souq, WealthWell, and others.

The startup recently obtained a permit from the Saudi Central Bank that would allow it “to operate open banking activities” to help users make better financial decisions through big data and artificial intelligence.

Open banking is a practice that provides third-party service providers open access to consumer banking, transaction, and other data from banks and nonbank financial institutions. 

Founded in 2020, the startup will use the funds to further expand its market reach.