Saudi Arabia’s Wadaie raises pre-Seed funding

Date:

Saudi Arabia

Wadaie, a Saudi-based fintech company, has successfully secured investment in a pre-seed funding round. The round was led by RZM Investments, along with Bunat Ventures and several prominent Saudi angel investors. 

The company was founded in 2022 by Abdullah Alandas, Rayan Altuwayjiri, and Abdulrahman Alhawas. Wadaie offers a platform designed to connect depositors with all banks in Saudi Arabia. The platform aims to provide a unique experience for depositors, enabling them to earn the highest returns on Shariah-compliant time deposits without needing to open new accounts at other banks. 

Wadaie’s platform not only benefits depositors but also provides a valuable service for banks. It enables banks to reach new markets and expand their client base, accessing diverse sources of liquidity without increasing their operational infrastructure costs.

Abdullah Alandas, the Founder and CEO of Wadaie, confirmed that the company’s business model aligns with the strategic goals of the Financial Sector Development Program. The company aims to expand the base of savings and investment products, enhance trust in them, and facilitate easier access.

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Dubai Firm Apologises for False Lifetime UAE Golden Visa Claims

UAE Dubai Firm Apologises for False Lifetime UAE Golden Visa...

How Indians Can Apply for the UAE Golden Visa Without Leaving the Country

UAE How Indians Can Apply for the UAE Golden Visa...

Flawless lands $1.5 million pre-seed to expand its career mentorship platform

Saudi Arabia Flawless lands $1.5 million pre-seed to expand its...

Robin launches from Cairo to lead the region’s advanced data science and AI landscape

Egypt Robin launches from Cairo to lead the region’s advanced...