UAE-Based Fintech Yabi Raises $8 Million Round
The Emirati fintech startup will use its recently-acquired capital to expand across the region.
Yabi, the localised personal finance wellbeing platform by Souqalmal, has successfully closed its seed funding round with a total investment of $8 million. The round, which saw the addition of Al Wafra Al Thanya (Wafra II) to its list of prominent investors, will focus on product development and expanding into regional markets.
Yabi, launched in Saudi Arabia this November, aims to empower individuals by providing tailored financial education and resources. The platform offers courses delivered by Saudi market experts, with new content added monthly in both English and Arabic.
The startup's dedication to the Saudi market goes beyond content creation. Yabi has established a physical presence and allocated dedicated resources to drive market penetration. The objective is to foster financial literacy through strategic B2B partnerships, encouraging companies to incorporate financial education as part of their employee well-being programs.
"Spreading financial literacy and awareness is crucial for individuals to live fulfilling lives. While technology has brought many improvements, it has also impacted financial behaviors negatively. Yabi is at the forefront of leveraging technology to empower individuals through essential financial knowledge," Salah Khashoggi, Managing Director of Al Wafra Al Thanya, tells StartupScene. "Wafra II believes that fintech's future must include efforts to spread financial awareness. Our investment in Yabi aligns with our core purpose of raising the level of financial education, promoting investments and savings, and contributing to Saudi Arabia's digital GDP."
Yabi has already gained traction in the corporate sector, with notable adopters such as Al-Futtaim, Careem, Chalhoub, and Al Ghurair.
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