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Wednesday, June 12, 2024

Saudi Arabia’s Wadaie raises pre-Seed funding

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.

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