Riyadh – Mubasher: SNB Capital, the asset manager and investment bank of the listed Saudi National Bank (SNB), has acted as a lead investor in a Series A investment round amounting to SAR 65 million for Malaa Technologies, a Saudi fintech company.
Malaa will utilise the proceeds of the funding to develop its AI-driven products and enhance compliance, governance, and cybersecurity systems.
Meanwhile, the closure of the funding confirms a healthy investor appetite for Saudi based robo-advisory and open banking technology services in the Kingdom, according to a press release.
CEO of SNB Capital, Rashed Sharif, commented on the fundraising by saying: “This investment aligns with one of our strategic objectives to invest in fintech companies and help raise the standards in wealth management.”
Sharif added: “It [the investment] shall further contribute to enhancing the technological infrastructure of Saudi Arabia’s financial services, in alignment with the Kingdom’s wider ambitions.”
The round saw the participation of Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.
The fintech firm is currently preparing to launch different investment and savings products along with various features and services to meet the desires and aspirations of its customers.
Co-Founder and CEO of Malaa, Ali Aloraini, said: "Since joining the regulatory sandbox, we have continuously improved and developed, with guidance and support from the Saudi Central Bank's (SAMA) regulatory sandbox and the Financial Market Authority's fintech lab. The regulators have spared no effort in overcoming obstacles and supporting us throughout this journey.”
Aloraini commented on the investment by saying: “This round will allow us to enhance and bolster the readiness of our compliance, governance, and cybersecurity systems, which have become critically important to ensure service stability, protect customer data, and combat fraud."
From his part, Faisal Alqarni, Co-Founder and Chief Strategy Officer of Malaa, said: "This funding round reflects the confidence of the Kingdom's largest asset managers in our vision and ambitions.”
Alqarni concluded: “Through this, we aim to enhance our customers' experience by offering high-quality and innovative wealth management products, which will contribute to achieving their financial goals efficiently and effectively."
It is worth noting that Saudi Arabia witnessed today the launch of the global meeting point for the fintech industry 24 Fintech, which will last for three days until 5 September 2024 at the Riyadh Front Exhibition & Conference Centre (RFECC).
