The fintech company Malaa, based in Saudi Arabia, has Secured a $17.3 million Series A investment round. Derayah Financial, Khwarizmi Ventures, Impact46, and WKN were among the participants. The deal was led by SNB Capital.
Malaa, a wealth management platform founded in 2021 by Ali Aloraini and Faisal Alqarni, provides data-driven financial products and services to enable people and organizations to make smarter financial decisions.
The new funding round will support Malaa’s objectives to introduce a new line of savings and investment products, as well as other features and services that cater to the needs and goals of its clientele. Leading regional investors contributed $1.7 million to Malaa’s Seed round, which was held in March 2022.
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On this occasion, Ali Aloraini, Co-Founder and CEO, said: “Since joining the regulatory sandbox, we have continuously improved and developed, with guidance and support from the Saudi Central Bank’s regulatory sandbox and the Financial Market Authority’s fintech lab. The regulators have spared no effort in overcoming obstacles and supporting us throughout this journey. This round will allow us to enhance and bolster the readiness of our compliance, governance, and cybersecurity systems, which have become critically important to ensure service stability, protect customer data, and combat fraud.”
Malaa’s dedication to offering the greatest wealth management solutions is reaffirmed by this investment.
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In keeping with its goal of being a leader in wealth management, the company is developing a new line of savings and investment products, as well as a number of features and services that cater to the needs and goals of its clients.
Faisal Alqarni, Co-Founder and Chief Strategy Officer, added: “This funding round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. Through this, we aim to enhance our customers’ experience by offering high-quality and innovative wealth management products, which will contribute to achieving their financial goals efficiently and effectively.”
About Malaa
Malaa provides data-driven financial products and services to end customers and businesses, filling a vacuum in the market and advancing cutting-edge technology. Malaa strives to be the go-to for saving, borrowing, and investment decisions.
