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Saudi fintech Erad has secured $16 million in a Pre-Series A funding round to enhance its revenue-based financing platform, targeting SMEs in Saudi Arabia and the UAE. The investment, led by global and regional investors, aims to expand operations and improve product offerings, addressing the capital needs of businesses in various sectors. Since its launch, Erad has deployed over $26.6 million in funding, with a focus on fostering financial inclusion for first-time credit takers.
UAE's e& reported a remarkable profit growth of 129.9% in Q1-2025, showcasing significant financial performance. This surge reflects the company's robust strategies and market positioning, contributing to its impressive results in the telecommunications sector.
Animoca Brands, a Hong Kong-based Web3 company, is set to open its first Middle East office in Dubai to support UAE startups through funding programs aimed at addressing financing, mentorship, and market access gaps. This strategic move capitalizes on the UAE's growing significance in the regional startup ecosystem, particularly in Web3, where it captured 36% of MENA's startup deals in 2024.The company's entry into Dubai leverages the emirate's crypto-friendly regulatory environment, which includes supportive policies for tech startups. With a notable increase in investor participation and a robust venture capital landscape, Animoca aims to enhance its presence in a market ripe for innovation despite recent funding declines.
ADNOC's Borouge has awarded contracts aimed at achieving over Dh600 million in EBITDA gains. The initiative is part of a broader strategy to enhance operational efficiency and profitability within the company. This move underscores Borouge's commitment to driving growth in the competitive market.
Sipay is revolutionizing fintech in emerging markets with its white-label infrastructure, enabling fintechs and e-commerce platforms to launch payment solutions focused on remittances and cross-border transactions. With over 25,000 merchants in Turkey, Sipay plans to expand into Africa, Southeast Asia, and the Middle East, addressing the growing demand for digital financial tools.In the UAE, Hushday has raised $550,000 to launch a premium, invitation-only flash sales platform, aiming to redefine luxury retail in the Gulf. The platform emphasizes brand control and customer loyalty, with plans for rapid expansion across the region. Meanwhile, Rise of Fearless, a UAE-based mobile gaming startup, has launched a battle royale game rooted in African culture, integrating Web3 technology to empower players with ownership of in-game assets and create new income streams in underserved communities.
Turkish fintech Sipay has raised $78 million in a Series B funding round, elevating its valuation to $875 million. Targeting emerging markets, Sipay aims to provide an all-in-one fintech platform that includes remittance solutions and white-label tools, challenging established players like Stripe. With over 25,000 registered merchants in Turkey, the company plans to expand into Africa, Southeast Asia, and the Middle East, addressing the growing demand for digital financial services.
UAE-based Hushday has secured USD 550K in pre-seed funding to enhance its invitation-only premium sales platform, aimed at luxury brands managing excess inventory while preserving pricing control. The startup plans to launch in the UAE and expand into Saudi Arabia, Qatar, and Kuwait, tapping into a growing regional demand for high-quality off-price retail. With a focus on curated sales and AI-driven recommendations, Hushday seeks to create a strategic distribution layer that connects brands with new audiences, targeting the GCC's projected USD 16 billion premium off-price market.
Dubai-based startup Hushday has secured AED 2 million (US$550,000) in pre-seed funding to launch the Middle East's first invitation-only premium flash sales platform on May 2, 2025. Targeting the growing GCC luxury market, Hushday aims to help brands manage excess inventory while maintaining exclusivity through AI-driven recommendations and a mobile-first, referral-only model. The company plans to expand into Saudi Arabia, Qatar, and Kuwait by 2026, capitalizing on the region's robust luxury spending and evolving e-commerce landscape.
Dubai CommerCity has partnered with qeen.ai and Portmind to enhance e-commerce and trade automation in the UAE. The collaboration aims to help SMEs automate workflows and optimize online retail through AI tools, while Portmind's platform will streamline trade documentation and customs processes, reducing costs and compliance risks. These initiatives align with the UAE's goal to digitize supply chains and expand AI capabilities in trade and retail.
Abu Dhabi Islamic Bank (ADIB) reported a net profit of Dh1.71 billion ($462.8 million) for Q1 2025, an 18% increase year-on-year. Total revenue rose 14% to Dh2.87 billion, driven by a 4% increase in funded income and a 35% rise in non-funded income. The bank's total assets and customer deposits both grew by 25%, while customer financing expanded by 27%.
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saudi fintech erad secures 16 million in pre-series a funding round
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