Sanad Cash, a Saudi Arabia-based on-demand payment and spend management platform, has scored $1.6m in its seed round.
Participation to the round came from Impact46 Seed Fund, BIM Ventures, Hala Ventures, Derayah Ventures and unnamed angel investors from the country.
This capital injection will help Sanad bolster its position in Saudi Arabia and hire new staff.
Founded in 2020 by ultan Alhugail, Mahmoud Iswiad and Shorhabel Ghoneim, Sanad provides small and medium-sized businesses and corporates with a SaaS platform to help them track their spending and support on-demand payments for employees.
Sanad Cash is yet to launch its services.
co-founder and CEO Mahmoud Iswiad said, “Sanad Cash vision is to introduce one a stop shop for all SMBs day to day financials by offering them global standard digital tools at a reasonable cost.
“Our partnerships with existing financial institutions will help us to introduce what we call an all-in-one new financial system that includes a corporate card, a spend management software, and a business account in one easy dashboard.”
Saudi Arabia’s FinTech sector has got off to a flying start in 2022. Several companies have raised funding rounds already, including financial product API developer Lean Technologies, which netted $33m. The deal marked Sequoia Capital’s first investment into the Gulf region.
Another Saudi Arabia-based FinTech company to close an investment this month was Dawul, which raised $5m in its seed round.
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