Saudi Startup Jeel Pay Secures $6.7 Million in Pre-Series A Funding

Saudi-based startup Jeel Pay, a fintech company specializing in educational financing solutions, has successfully closed a Pre-Series A funding round, raising USD 6.7 million (SAR 25 million). The round was led by JOA Capital, with participation from Aljazira Capital and angel investors.

Founded in 2022 by Badr Al Dughesh, Faisal Al Hussain, and Mohammed Al Khodair, Jeel Pay provides innovative solutions to streamline payment processes in educational institutions. Their "Learn Now, Pay Later" model allows parents to pay tuition fees on a monthly basis, while schools receive their funds upfront, eliminating the delays associated with traditional collection processes.