Saudi Arabia-based savings platform Hakbah has netted $1.2m in its seed round to further its growth.
The round was supported by a group of unnamed investors.
With the fresh funds, the FinTech plans to continue its product development, hire more staff and accelerate its marketing initiatives.
This capital injection comes six months after Hakbah received approval from the Saudi Central Bank to release its services in Saudi Arabia in July 2020.
Hakbah was created to encourage healthy money saving behaviours and helping users make regular savings. The mobile app works by putting people in savings groups.
Last year, digital payment solution developer STC Pay became a unicorn after a $200m investment put its valuation at $1.3bn. The company claims that it is the Saudi Arabia’s first unicorn and the first FinTech unicorn in the Middle East.
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