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Homegrown fintech B2B startup Mala Inc. raised USD 7 mn in a pre-seed funding round led by VentureSouq with participation from Shorooq Partners, M Capital, BECO Capital, Access Bridge Ventures, Waad Investment, Palm Ventures, and Global Ventures, according to a press release. The startup has a pre-launch pipeline of over USD 100 mn in transaction value and will apply the raised funds towards prepping its official Saudi launch that is slated to take place some time this quarter.
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What we don’t know: No further details were provided regarding the breakdown of each investor’s contribution or on whether the investments were debt or equity based.
About Mala: Founded in 2024 by Saudi entrepreneur and VentureSouq veteran Musaab Hakami (LinkedIn), the fintech startup offers Procure-Now, Pay-Later (PNPL) solutions catering to regional SMEs. Mala allows companies to procure supplies on flexible credit terms while ensuring that suppliers are paid upfront, thereby bridging the credit cap between SMEs and their suppliers. The platform leverages proprietary technology and data on financial performance, legal and market standing, and other metrics to evaluate credit risks and offer buyers payment options that are specially suited to their needs.
IN OTHER STARTUP NEWS-
Homegrown fintech Hala has been enrolled in the Saudi Unicorns Program, allowing them access to new markets, top talent and global networking potential, it said in a post on LinkedIn. The platform has so far facilitated over SAR 26 bn in transactions for more than 110k clients across the Kingdom. Saudi Unicorns is co-led by the Communications and Information Technology Ministry and the Misk Foundation.
REMEMBER- The startup secured an undisclosed amount funding from US-based private equity firm TPG last May, following a USD 6.5 mn series A round led by local Impact46 in 2021. Hala also obtained its crowdlending license from the Saudi Central Bank in May.
