Riyadh - Mubasher: Saudi fintech Arib has raised $23.50 million in a funding round led by Merak Capital to strengthen its technology infrastructure, expand operations, and launch additional financing products.
The round included Sharia-compliant Murabaha financing facilities, highlighting growing demand for Islamic fintech and digital lending products in Saudi Arabia, according to a press release.
Founded in 2018 by Omar Al Hammad, Mohamed Dessouky, and Waleed Talat, Arib operates a financing marketplace that links users with banks and licensed lenders through a single digital platform.
It allows customers to compare financing offers and apply online based on their financial profiles and borrowing requirements. The company also offers flexible financing solutions to younger consumers, entrepreneurs, and SMEs in Saudi Arabia.
As the kingdom advances financial sector modernization under Vision 2030, companies building digital financial infrastructure continue attracting investor attention as banks and lenders accelerate their digital transformation strategies.
