Riyadh — Credit card loans by Saudi banks hit a record high of SR30.27 billion ($8.07 billion) in the third quarter of 2024, marking a significant 14.24 percent increase compared to the same period last year, according to data released by the Saudi Central Bank (SAMA). The surge in credit card borrowing reflects evolving consumer […]
The Saudi Central Bank (SAMA) has announced the issuance of new “E-Wallets Rules” to strengthen the regulatory framework governing Electronic Money Institutions (EMIs) and foster the development of the financial sector. The guidelines, now formally implemented, underscore SAMA’s commitment to enhancing the stability and security of the electronic money ecosystem, enabling EMIs to operate under […]
PayerMax, a leading global provider of payment solutions, has been named Best Payments Solutions Provider of 2024 by MEA Finance magazine at an award ceremony hosted on November 12 in Dubai. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well […]
RIYADH, Saudi Arabia—500 Global and Sanabil Investments Launch Eighth Cohort of Sanabil Accelerator to Boost MENA Innovation 500 Global, a leading multi-stage venture capital firm, in collaboration with Sanabil Investments—a financial investment company wholly owned by Saudi Arabia’s Public Investment Fund (PIF)—has announced the launch of the eighth cohort of the Sanabil Accelerator. This batch […]
RIYADH – November 11th, 2024 – Lean Technologies, a Riyadh-based fintech infrastructure platform, has secured $67.5 million in Series B funding led by General Catalyst, a renowned Silicon Valley-based venture capital group. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others. This brings Lean’s total […]
EdfaPay, a leader in electronic payment solutions, has announced a strategic partnership with OYAH!, a pioneering platform in social commerce that empowers Saudi businesses and customers through an innovative medium for sharing reviews, favorite purchases, exclusive offers, and cashback vouchers. This collaboration marks a significant enhancement to OYAH!’s customer experience, seamlessly integrating EdfaPay’s state-of-the-art payment […]
The agreement will entail the launch of distributed energy infrastructure that will utilize HODLER Investments’ digital energy platform, PermianChain, to monetize wasted energy such as flared gas to reduce CO2 emissions and to power AI and blockchain datacenter infrastructure. Dubai, UAE, November 7th 2024: UAE Hodler Investments, a UAE based investment company headquartered in the […]
Riyadh, Saudi Arabia – Saudi Venture Capital (SVC) has announced a $20 million investment in Booster Fund IV, a new venture capital fund managed by BECO Capital, an established early-stage venture firm in the Gulf region with $495 million in assets under management across four funds. Booster Fund IV, operated by BECO Capital, is designed […]
RIYADH, November 6, 2024 — Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology (audax), a pioneering provider of digital banking technology solutions backed by Standard Chartered, have announced a strategic partnership to transform the digital banking ecosystem in Saudi Arabia. This collaboration brings together Jeel’s forward-looking digital expertise and audax’s established […]
Riyadh, Saudi Arabia – Mush Social, the Saudi-based social media platform known as “Mush,” has successfully raised $1.2 million (SAR 4.5 million) in a pre-seed funding round. The round was led by Nefal Advisory with additional investments from Nahr Aljazeera Holding Company and a group of angel investors. Founded in mid-2022, Mush Social aims to […]