4 big FinTech funding rounds in MENA in August 2023

By Delisha Fernandes

The rise of new FinTech start-ups, new-to-bank population, have paved the way for an upsurge in FinTech evolution. The Middle East and North Africa (MENA) region provides huge opportunities for FinTechs due to the scale of the market and technological advancements

FinTechs are becoming mainstream with more investment made than ever before. Tracking FinTech investments provides a better perspective on the competitive and strategic trends in the industry.

Below are four notable FinTech funding rounds in MENA in the month of August 2023:

• Buguard

Buguard, a Egypt-based cybersecurity firm, has announces the successful completion of a $500,000 seed funding round. The round was led by A15, with the participation of angel investors. The secured amount will be used to bring in new team members, while focusing on shoring up products, sales, and channel partnerships. The company has also launched Dark Atlas, a new SaaS product for dark web monitoring and account takeover prevention.

• MALY

Dubai-based financial wellness platform MALY has closed its pre-seed funding round, securing an investment exceeding $1.6 million to grow its automated savings app and its bank-linked card. The FinTech start-up secured the funding via a group of GCC-based angel investors after sharing its plans to transform the UAE’s financial wellness and expand into other regional markets.

The newly raised pre-seeding funding will go toward a new growth phase involving the latest AI technologies. The start-up has forged strategic partnerships with other major brands, including VISA, NymCard, and DAPI, as it aims to become a leading player in the MENA financial wellness sector.

• Mthmr

Mthmr, a FinTech company specializing in personal expense management, has announced a successful seed funding round, raising SAR 6 million. The funding round included participation from esteemed investors such as Waed Ventures, Dahran Trading Group, and Le Augure, alongside a group of supportive angel investors.

Mthmr aims to revolutionize personal finance management. The company introduced a comprehensive, user-friendly platform, deftly designed to enable individuals to precisely monitor personal expenditures and boost their savings effectively.

• Rewaa

Rewaa, a full-stack inventory management platform for the retail industry, has raised $27 million (SAR 100 million) in a Series A funding round. The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco. Other participating investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.

According to the founders, the company has processed over SAR 7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.

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