Arib raises $23.5 million in round led by Merak Capital

The company plans to use the new investment to expand its platform and strengthen its position in Saudi Arabia’s rapidly growing fintech sector.

The funding round also included Sharia-compliant Murabaha financing facilities showing the growing interest among investors in Islamic fintech solutions and digital lending services in Saudi Arabia.

Arib said the new funding will help the company improve its technology platform, develop new products faster, and strengthen its operations.

The company also plans to launch new financing products for both individual customers and businesses.

Arib aims to benefit from the rising demand for faster and more flexible financing solutions among young consumers, entrepreneurs, and small and medium-sized businesses in Saudi Arabia.

The funding reflects the strong growth of Saudi Arabia’s fintech sector especially for startups working in digital lending, embedded finance, and online customer onboarding.

The inclusion of Murabaha financing in the funding round also shows the growing demand for Sharia-compliant digital financial products in the region.

As Saudi Arabia continues to modernize its financial sector under Vision 2030, companies building digital financial infrastructure are attracting more investor interest while banks and lenders speed up their digital transformation efforts.

Founded in 2018 by Omar Alhammad, Mohamed Dessouky, and Waleed Talat, Arib operates a digital financing marketplace that connects users with banks and licensed lenders through one online platform.

The platform allows customers to compare different financing offers and apply for loans online based on their financial profile and borrowing needs.

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