Saudi Fintech Startup Arib Raises $2.3M to Secure SAMA Licensing

KSA-based FinTech and digital broker for personal loans in Saudi Arabia, Arib has successfully raised $2.3M in its latest funding round. The seed round was led by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia, with participation from angel investors.

Founded in 2019 by Waleed Talaat, Omar Alhammad, and Mohamed Dessouky, Arib has developed its first product, “Syaaraat,” an all-in-one platform that provides consumers with auto financing options from different banks and financing companies. The platform helps people choose the best auto financing options pertaining to their credit profile quickly and easily while increasing sales, lowering costs, and offering access to new clients for banks and car dealerships.

This investment will enable Arib to meet the requirement set by SAMA to finalise the licensing process as well as expand Arib’s portfolio of services to encompass different types of loans, including personal loans, home loans, and credit cards. Arib will also use this funding to streamline its operations and technology infrastructure.