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Homegrown fintech startup Malaa Technologies raised SAR 65 mn in a series A funding round, led by Al Ahli Capital with participation from Derayah Financial and WKN, along with follow-on investments from Khwarizmi Ventures and Impact46, it said in a statement. This follows the SAR 6.4 mn raised in their 2022 seed funding round.
What we don’t know: Information about the specific amount each institution invested, the size of their equity, and the investment structure was not disclosed.
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Use of proceeds: The fresh funds will be used to enhance and upgrade the company’s compliance systems, governance, and cybersecurity, said CEO Ali Alorainy. The investment will support the development of new wealth management products, said Malaa Co-Founder Faisal Alqarni.
What’s Malaa? Founded in 2021, Malaa offers a portfolio of fintech products with a focus on wealth management. It aims to be the go-to platform for individuals and institutions making saving, lending, or investment decisions. This includes its newly launched automated advisor service, a fully automated solution that tracks expenses and links users’ budgets with their investment portfolios.
The company offers four investment and savings wallets designed for those seeking low- to high-risk investments, with returns ranging from 4% to 11%. These wallets are tailored to investors’ needs, whether they aim to preserve the value of their savings, grow their savings, or increase the value of their initial capital.
