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Hakbah platform, which specializes in alternative savings and savings groups has closed its seed round, raising 4.5 million riyals ($1.2 million), six months after securing an approval from the Saudi central bank to launch its commercial services in the kingdom.
Hakbah estimates the savings groups' market size in Saudi at more than $6 billion annually. The funding came after the platform reached 5,000 verified customers representing 25 nationalities.
The company aims to serve more than 25,000 customers, and is looking for continuous product development, attracting top talent and accelerating marketing efforts.
Hakbah graduated from the DIFC Fintech Accelerator Programme 2019. It signed a strategic partnership agreement with Visa and joined the global 'Visa's Fintech Fast Track' program in September 2020.
Last week, Saudi-based buy now, pay later platform Tamara secured $6 million, the largest yet by a Saudi start-up.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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