Saudi fintech startup MADFU has secured SAR 95 million (approximately $25.5 million) in a Pre-Series A funding round led by AFAQ Capital, with additional participation from angel investors.
Founded in 2022 by Abdullah Albrahim, Ahmad Alwosheel, and Anas AlShaqir, MADFU operates as a Sharia-compliant Buy Now, Pay Later (BNPL) platform licensed by the Saudi Central Bank. The company is positioning itself as an interest-free digital payments provider within Saudi Arabia’s rapidly evolving fintech ecosystem.
Operating under a Saudi Central Bank (SAMA) licence, MADFU’s regulatory status strengthens its credibility in a market where compliance and governance remain central to fintech growth. Its core product enables consumers to split purchases into up to six instalments with no interest or hidden fees, aligning with Sharia principles and increasing demand for transparent financial solutions.
The newly secured capital will be deployed to accelerate merchant onboarding, expand strategic partnerships, and invest further in technology infrastructure and product development. The company also plans to introduce additional Sharia-aligned financial products as Saudi Arabia advances toward a cashless economy.
In a statement, MADFU noted that the investment aligns with its 2025 strategic roadmap, which focuses on expanding its footprint in the Saudi fintech sector, innovating new Sharia-compliant payment solutions, and strengthening partnerships to support operational growth.
“At MADFU, we are committed to providing transparent and flexible Buy Now, Pay Later (BNPL) solutions. This funding empowers us to serve our customers better and drive the future of digital payments in the Kingdom,” the company said.
The funding comes amid continued momentum in Saudi Arabia’s fintech sector, supported by the Kingdom’s Vision 2030 agenda aimed at accelerating financial innovation, digital transformation, and economic diversification.
