Riyadh-based fintech and proptech startup Safqah Capital has raised $15.2 million in seed funding, making it one of the largest pure equity seed rounds in Saudi Arabia. The round was led by Shorooq, anb Seed Fund, and Rua Growth Fund, with support from over a dozen well-known institutional and venture investors. This funding reflects strong confidence in Safqah’s role in supporting Saudi Arabia’s Vision 2030 real estate goals.
While large mega projects grab attention, Safqah focuses on helping small and mid-sized real estate developers. It aims to make access to funding faster, simpler, and more transparent, helping these developers build much of Saudi Arabia’s housing and commercial projects.
In just 18 months, Safqah has financed more than 70 real estate projects worth over $800 million across Saudi Arabia. The company says it has had zero loan defaults so far, with loans backed by strong collateral and released in stages based on project milestones.
“Banks were not built for developers—we were,” said Abdullah Alsubaie, Safqah’s Co-Founder and CEO. “We’ve engineered an ecosystem where developers can access capital faster, accelerate project delivery, and improve capital efficiency while strengthening monitoring and risk controls for all stakeholders.”
“Safqah is not another lending platform—it’s foundational infrastructure,” said Shane Shin, Founding Partner at Shorooq. “They’ve built a model designed for the pace of development in Saudi Arabia while meeting regulatory standards and the expectations of institutional investors. We see Safqah Capital becoming an indispensable part of the country’s real estate machine.”
Khalid S. Alghamdi, CEO of anb capital, stated, “We are very pleased to co-lead the investment in Safqah as part of our commitment to supporting technology-enabled financial platforms that contribute to the Kingdom’s Vision 2030. Safqah brings together technological innovation and strong credit governance to deliver more efficient and transparent financing solutions for real estate developers across the region. We believe the company is well positioned to support the evolution of the real estate and financial services sectors, enhance capital market efficiency, and contribute to sustainable economic growth in Saudi Arabia.”
Turki Aljoieb, General Partner at Rua, added, “Safqah is unlocking one of the most critical bottlenecks in Saudi Arabia’s real estate market by expanding access to structured, Sharia-compliant financing for small and medium developers. By enabling efficient project execution and scalable housing delivery, Safqah supports national affordability objectives and advances Vision 2030 homeownership targets, while providing investors with disciplined access to long-term, asset-backed exposure to the Kingdom’s real estate sector.”
Safqah’s founders bring a strong mix of skills and experience. Abdullah Alsubaie, the CEO, is an experienced entrepreneur and software engineer. His co-founders include Karim Merie, the CBO and a former leader at NHC; Abdulmalik Alothman, the CFO, who played an important role in the ELM IPO; and Omar Alessa, the CTO, who has worked with global startups in Silicon Valley and London.
The new funding will be used to upgrade Safqah’s products and digital platform. The company plans to build more advanced AI tools to improve risk assessment and loan approvals.
Safqah also plans to increase the amount of financing it provides to meet rising demand from real estate developers. This includes funding more projects and supporting larger developments across Saudi Arabia.
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