Saudi-based personal finance app Wafeer has closed a Pre-Seed funding round led by Nama Ventures. Wafeer is the first licensed app from Saudi Arabia that helps users track their spending through a direct connection with their banks or text messages.

Founded in 2019 by Abdulaziz Al Jasser, Ahmed Ramadan and Salah Al Bassam, the SAMA-approved platform is the first in Saudi Arabia to allow users to track expenses through direct connectivity with banks.

"This round came as a result of investors’ confidence and team efforts to accelerate the objectives of the next phase," said CEO of Wafeer Abdulaziz Aljasser. "We are looking forward to attracting global and local talents, improving our product, and increasing marketing efforts to reach more than 250,000 customers in this current year."

Learn more about Wafeer here.