Saudi fintech Haqbah has raised $2 million in a pre-series round

Saudi-based fintech savings platform In the yearHakbahIn the year It raised $2 million in a pre-Series A funding round. The round was led by Global Ventures with Aditum Investment Management.

The fresh funds will be used to increase Haqbah in Saudi Arabia, improve user experience and savings engine algorithms, the company said in a statement.

In the year Since its founding in 2018 by Dimitar Kazakov and Naif Abuseda, Hakbah has helped 18,000 clients save over $35 million. To date, it has around 120,000 active and verified customers.

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Saudi-founded fintech aims to take on the austerity crisis in the Middle East by digitizing financial habits and using data to understand needs and behaviors.

Savings groups are the most popular alternative loan for unbanked groups in developing economies, and the user experience is not always seamless, said Global Ventures Managing Partner Nur Swed.

Lack of a proper system to identify and manage savings groups and lack of transparency, flexibility and payment consistency make the user experience difficult.

This is where Haqbah is trying to digitize the $6 billion Rotating Savings and Credit Association (ROSCA) market in Saudi Arabia and beyond, Swede said.