Saudi Arabia-based fintech startup Arib has raised US$23.5 million in a new funding round led by Merak Capital, as the company looks to strengthen its position in the Kingdom’s rapidly growing digital finance sector.
The funding round also included Sharia-compliant Murabaha financing facilities, highlighting increasing investor interest in Islamic fintech solutions and digital lending services across Saudi Arabia.
Arib said the newly secured capital will be used to further expand its technology platform, accelerate product development, and strengthen operational capabilities. The company also plans to introduce new financing products targeting both individual consumers and businesses.
Founded in 2018 by Omar Alhammad, Mohamed Dessouky, and Waleed Talat, Arib operates a digital financing marketplace that connects users with banks and licensed lenders through a single online platform.
The platform enables customers to compare multiple financing offers and apply for loans digitally based on their financial profiles and borrowing requirements.
Arib aims to capitalize on rising demand for faster and more flexible financing solutions among young consumers, entrepreneurs, and small and medium-sized enterprises (SMEs) in Saudi Arabia.
The investment reflects the continued momentum of Saudi Arabia’s fintech ecosystem, particularly among startups focused on digital lending, embedded finance, and online customer onboarding.
The inclusion of Murabaha financing within the round further underscores growing regional demand for Sharia-compliant digital financial products.
As Saudi Arabia advances its financial sector modernization agenda under Vision 2030, fintech companies building digital financial infrastructure continue to attract strong investor interest, while banks and financial institutions accelerate their digital transformation strategies.
