Pilgrim financing fintech UmrahCash lands USD 500k investment

Fintech startup UmrahCash secured a USD 500k investment from Singapore-based VC and accelerator Adaverse, according to a press release.

Where the money is going: The homegrown currency-exchange app (Google Play) will use the proceeds to expand its operations and boost its offerings at key pilgrimage sites Mecca, Medina, and Jeddah.

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About UmrahCash: Established in 2024 by William Phelps (LinkedIn), UmrahCash gives pilgrims an online prepay option to put down money in their local currency and seamlessly collect SAR upon arriving in Saudi to streamline currency exchange for religious tourism. UmraCash links liquidity providers, agents, and pilgrims providing thorough FX solutions to pilgrims. The app is geared primarily towards visitors from emerging countries such as Pakistan and Nigeria, which must first convert their national currencies to USD before exchanging for SAR when they arrive at the Kingdom.