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Stitch, a Saudi Arabia-based platform for financial product development, has secured $10 million in seed funding led by Arbor Ventures and others. The investment will enhance its technology and team, addressing challenges in the region's outdated financial systems and complex regulations. Currently serving clients in Saudi Arabia, the UAE, and East Africa, Stitch aims to streamline the launch of financial services, reducing deployment times by up to 80%.
Hong Kong has launched Asia’s first ETF tracking Saudi sovereign sukuk, the Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange. This initiative, approved by the Securities and Futures Commission, aims to enhance financial cooperation between East Asia and the Middle East, coinciding with the Capital Markets Forum focused on boosting cross-border investment.The ETF, managed by Premia Partners, includes riyal- and US dollar-denominated sukuk and offers quarterly distributions with a fee cap of 0.35%. The launch reflects Saudi Arabia's commitment to elevating its capital markets globally, aligning with its Vision 2030 strategy to attract foreign investment.
Stitch, a Saudi Arabia-based startup founded in 2022, has successfully closed a $10 million seed round to modernize banking infrastructure in the MENA region. The platform enables businesses to launch and scale financial products more efficiently, addressing significant barriers in the market. With backing from prominent investors and major clients already leveraging its technology, Stitch aims to transform the financial ecosystem by providing a unified, API-driven solution tailored for modern needs.
Saudi Arabia's banking sector experienced a robust lending expansion, with total credit reaching SR3.1 trillion, a 16.26% year-on-year increase, primarily driven by corporate lending. Real estate led the corporate loan mix, growing 40.5% to SR374.5 billion, reflecting heightened demand for housing and infrastructure under Vision 2030. The shift towards business-driven growth is evident as retail lending's share declines, while the quality of lending improves across sectors, with banks diversifying portfolios towards lower-risk areas.
On March 11, Reliance Jio and Bharti Airtel partnered with Starlink, while Tesla faces stiff competition from Chinese EV makers like BYD, which dominate Southeast Asian markets. Despite plans to open showrooms in Saudi Arabia, Tesla's sales have declined globally, raising concerns about its future in emerging markets. In Saudi Arabia, Tesla's entry coincides with the country's push for electric vehicles under Vision 2030, but the company must contend with local rivals and a complex history with the Saudi government, including past investments and controversies.
Nqoodlet, a Saudi-based fintech platform, has secured $3 million in seed funding to enhance financial management for SMEs in the Middle East. Founded by Mohamed Milyani and Yara Ghouth, the platform offers smart corporate cards, real-time expense tracking, and financial automation, aiming to streamline operations for over 600 SMEs. The investment will facilitate expansion across the Gulf, new product launches, and partnerships, positioning Nqoodlet as a leader in the region's fintech landscape.
Saudi fintech firm Nqoodlet has secured $3 million in seed funding led by Waad Investments, with participation from OmanTel and others. The platform, founded by Mohamed Milyani and Yara Ghouth, provides financial management tools for SMEs in Saudi Arabia and the GCC, enhancing operational speed by 80% and achieving significant cost savings. The investment will support Nqoodlet's expansion of banking infrastructure and product features, aligning with Saudi Arabia's Vision 2030 goals to boost SME financial inclusion.
Saudi fintech firm Erad has secured $16 million in a pre-series A funding round, backed by investors including Y Combinator and Nuwa Capital. Founded in 2022, Erad provides Shariah-compliant financing solutions for SMEs in Saudi Arabia and the UAE, promising funding access within 48 hours. The investment will facilitate expansion and enhance product offerings, addressing a significant $240 billion credit gap for SMEs in the MENA region.
Pakistani healthtech startup MedIQ has secured $6 million in a Series A funding round led by Rasmal Ventures and Joa Capital, aimed at expanding its operations across the Middle East, particularly in Saudi Arabia. Founded in 2020, MedIQ offers AI-driven healthcare tools and serves over 10 million customers, aligning its growth with Saudi Arabia's Vision 2030 healthcare transformation agenda. The investment reflects a broader trend of increasing funding in the MENA healthtech sector, which is rapidly evolving with a focus on digital integration and specialized investors.
iQ Cars, Iraq's largest online car marketplace, has secured a 7-figure seed round led by Euphrates Ventures, marking a significant advancement in the country's autotech sector. Founded in 2020, the platform boasts over 34,000 listings and 1,000+ dealers, aiming to digitize and simplify the car buying experience across Iraq. With plans to expand and introduce new digital tools, iQ Cars is set to enhance transparency and trust in a historically opaque market.
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