Hakbah, a Saudi-based FinTech savings platform, has raised $5.1 million in a Series A funding round led by VentureSouq. Other participants in the round included new investors M-Capital and Bunat Ventures, as well as existing investors Global Ventures and Aditum Investment Management. The funding will be used for product development, with a focus on machine learning and further developing Hakbah’s savings engine. The company aims to double the savings ratio in Saudi Arabia by 2025. Hakbah’s social savings platform integrates with any banking system and digitizes traditional group savings. Musaab Hakami, General Partner – Fintech, at VentureSouq, expressed excitement about the funding round and the opportunity to work with Hakbah on modernizing financial savings and increasing financial inclusion.
FinTech Hakbah secures $5.1m fueling business expansion in style!
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