Pemo, a fintech company based in Dubai, has raised US$7 million in its pre-series A funding round led by Shorooq and Augmentum Fintech. The funds are expected to enhance Pemo’s operations and support expansion into new GCC markets, including Saudi Arabia. The company plans to use the investment to improve its spend management platform, which…
Paymentology has signed a referral partnership with Zand Bank, the UAE’s first fully licenced, all-digital bank. This collaboration focuses on expanding financial services for fintechs and startups, aiming to accelerate innovation and growth in the UAE. Since 2022, Zand Bank has empowered UAE and global corporate, institutional and wealth clients to unlock new opportunities, foster…
Lean Technologies, a Riyadh-based FinTech infrastructure platform, has raised $67.5m in its latest Series B funding round. This financing was led by General Catalyst, a prominent Silicon Valley venture capital firm known for supporting high-growth tech companies. The funding round also saw participation from several major investors, including Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family…
The financial industry is undergoing a seismic transformation, with artificial intelligence and fintech reshaping everything from regulatory compliance and customer experience to counter-fraud measures. Across the globe, banks are adopting generative AI and machine learning to drive innovation, reduce costs, and enhance security. Saudi Arabia is emerging as a key player, with local tech companies…
Islamic finance has attracted considerable attention over the last two decades as a substitute to traditional finance. It essentially refers to banking and financial activities that are conducted in accordance with Sharia, or Islamic law. Approximately 25% of the global population is Muslim – the community with the fastest rate of growth. With a median…
Zain KSA has announced its financial results for the first nine months of 2024, achieving revenue of SAR 7.7 billion, a 4.5% year-on-year growth. Net profit over the period amounted to SAR 322 million, a 33% increase compared to the corresponding 2023 period, excluding the tower sales earnings. This financial performance reflects Zain KSA’s strategic…
The FDI boom is a product of Saudi Arabia’s ‘Vision 2030’ plan, first announced in 2016. Driven by a desire to diversify away from hydrocarbons, Saudi Arabia is looking to transform its economy by nurturing new industries, attracting investment and positioning itself as an early adopter of advanced technologies. One area that Saudi Arabia is…
e& enterprise, the digital transformation arm of the global technology group e&, and its partner World Wide Generation (WWG) are enhancing the ‘Sustainability as a Service’ offering for the MENA region. By joining forces with UAE entities—including regulators, financial institutions, and government bodies—they aim to support banks, investors, and corporations in meeting upcoming reporting regulations,…
Investcorp, a leading global alternative investment firm, is pleased to announce a commercial partnership with Awaed, the first commission-free Saudi trading platform. Under the terms of the partnership, Awaed will enable their clients to invest into Investcorp’s Saudi Pre-IPO Growth Fund. Investcorp is one of the first global asset manager to set up a strategic…
The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government Paul Chan has recently stated that fintech cooperation between Hong Kong and the Middle East region will enter a new milestone. Chan said in his blog that he will lead a business delegation consisting of representatives from the financial and innovation sectors to…
