Riyadh - Sharikat Mubasher: Saudi fintech company TalMal announced the closure of its undisclosed pre-seed funding round, with support from MM Partners.
The new capital will enable TalMal to support its expansion plans and accelerate business growth in the Saudi market, the company announced in a press release today.
The round marks a significant step in TalMal’s journey to move from product development and business model validation to expanding across the Saudi market. The funding offers TalMal additional resources to broaden its client base and expand its presence in the market.
Thamer Al-Qu’ayshish, founder of TalMal, said MM Partners' participation in the round reflects its confidence in TalMal’s vision and the opportunities it perceives in the market. He noted that the partnership will allow TalMal to accelerate its growth and access a larger segment of employees, companies, and merchants.
For his part, Muneer Alshehri, CEO and founder of MM Partners, stated that TalMal addresses a major pitfall in employees’ purchase experience through an innovative business model that connects employees, employers, and merchants using untraditional solutions.
TalMal helps employees buy from partner stores using a purchase balance set as a flexible percentage of their salary, and repay later by deducting the value of the purchases from their salary, with no interest or fees.
For employees, TalMal offers a flexible purchase balance to buy from its partner stores, repaid later through their salary, helping companies avoid handling advance requests.
With this dynamic model, TalMal helps merchants reach a new segment of customers who already hold purchase balances, with added benefits that help present the store and its products to the right audiences.
