Riyadh, Saudi Arabia – : Malaa, a wealth management company authorized by the Saudi Central Bank and operating within its regulatory sandbox, has successfully closed its Series A funding round, raising SAR 65 million (USD 17.3 million). The funding round was led by SNB Capital, the largest asset manager in the Kingdom, with participation from Derayah Financial and Khwarizmi Ventures.
Ali Alorainy, Co-Founder and CEO of Malaa, expressed his gratitude for the regulatory support that has been instrumental in the company’s growth. “Since joining the regulatory sandbox, we have continuously improved and developed our services, thanks to the guidance and support from the Saudi Central Bank’s sandbox and the Financial Market Authority’s Fintech Lab. The regulator has made significant efforts to help us overcome obstacles and has supported us throughout this journey. This round will allow us to enhance and upgrade our compliance, governance, and cybersecurity systems, which are crucial for ensuring service stability, protecting client data, and combating fraud.”
Faisal Alqarni, Co-Founder and Chief Strategy Officer, highlighted the importance of the investment, stating, “The investment round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. We aim to enhance our clients’ experience by offering high-quality and innovative wealth management products, which we hope will help them achieve their financial goals efficiently and effectively.”
Established in November 2021, Malaa has quickly become a key player in the Saudi financial landscape. The company has received authorization from the Saudi Central Bank for open banking activities and from the Financial Market Authority for robo-advisory and asset management services. Malaa is currently working on launching a new range of investment and savings products, along with additional features and benefits for its clients.
This significant funding milestone marks a pivotal step in Malaa’s mission to redefine wealth management in Saudi Arabia, positioning the company for continued growth and innovation in the financial sector.
