UAE-based teenager banking platform Cashee has reportedly received a Series A investment from anb to support expansion into Saudi Arabia.
Through this deal, Cashee can roll out its banking and knowledge solutions, applications and products in Saudi Arabia, according to a report from Wamda.
The size of the investment was not disclosed.
Speaking on the deal, anb chief operating officer and head of retail banking group Aiedh AlZahrani said, “The strategic partnership agreement with Cashee is an additional step on the bank’s digital transformation journey that aims to empower bank initiatives in the field of financial technology and digital banking and to expand the scope of financial inclusion. It is also synchronous with the launch of anb’s new identity, which is based on three main themes: speed, simplicity and resilience.
“The partnership between anb and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture among Saudi youth, in a way that will encourage savings, financial literacy and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.”
Founded in 2020, Cashee provides teens with a free banking app and prepaid cards to improve their financial education. Its app helps users create smart money management habits.
Users can track their earnings, savings and spending. The teenager can set savings goals, allocate money to a savings pool, complete tasks to get more money and use their card anywhere Visa is accepted. The design of the debit card can also be personalised.
Another UAE-based FinTech company to raise capital was payroll and HR solution provider Bayzat.
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