Saudi Arabia's SME and fintech sectors took center stage on day two of Money 20/20, led by an agreement that will see Saudi EXIM guarantee 80% of Riyad Bank’s export loans to SMEs. The startup scene also saw a surge of activity, with USD mns in capital secured by Spare, LDUN, Wadaie, and Oumla.

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AGREEMENTS GALORE-

#1- Saudi EXIM to guarantee 80% of Riyad Bank's SME export loans: The Saudi Export-Import Bank (Saudi EXIM) and Riyad Bank have signed a cooperation agreement that will see Saudi EXIM guarantee up to 80% of financing for Saudi small and medium-sized exporters, with a maximum guarantee of SAR 30 mn per company, SPA reports.

#2- GOSI inks six agreements: The General Organization for Social Ins. (GOSI) signed six agreements and MoUs with banks and finance companies — including Alinma Bank and Emirates NBD — to provide integrated financial solutions to its clients and promote innovation in products and services, its Assistant Governor for Ins. Affairs Saud Al-Jahni told AlArabiya.

#3- Fly now, pay later for Saudia: National air carrier Saudia has partnered with BNPL platform Tamara to let customers pay for flight tickets in installments, it said in a statement. Integration and launch is expected by 2025-end, Saudi Airlines’ director of communications Abdullah Al Shahrani told AlArabiya.

#4- Ride-hailing service inDrive has launched in Riyadh. The app uses a fare negotiation model, allowing riders to propose a fare which drivers can then accept, decline, or counter-offer, according to a press release picked up by Citybiz. The launch is part of inDrive's expansion in the Middle East and North Africa, where it is already active in markets like Egypt and Morocco. The app has surpassed 360 mn downloads and 6.5 bn transactions globally.

#5- Barq launches international remittance service: Saudi digital wallet Barq and global payment network Thunes launched a real-time international remittance service for barq customers, according to a press release. Barq also signed an MoU with Moyasar to support e-commerce solutions, partnered with OneCard, and agreed to develop secure digital infrastructure with Innovative Systems.

#6- Drahim launched Drahim Business, touted as the Kingdom’s first automated investment platform. The product includes a savings portfolio with a 5.5% annual daily return, instant withdrawals, custom portfolios from over 30 funds, market research tools, and open banking integration for real-time cash flow monitoring.

#7- Banque Saudi Fransi (BSF) signed a flurry of agreements during the conference:

#8- Derayah financial lands two more partnerships: Derayah Financial partnered withinvestment platform Mala’a to develop digital investment solutions, combining its asset management expertise with Mala’a’s technology. The agreement will expand Mala’a’s services while giving Derayah clients direct access to its products and funds. Derayah also signed an MoU with Abyan Capital to enhance transaction efficiency for retail investors.

#9- Crowdfunding platform Lendo signed a strategic partnership with the Jadwa GCC Private Credit Fund worth SAR 187.5 mn with the aim of enhancing Lendo’s capacity to finance Small and Medium-sized Enterprises (SMEs) in Saudi Arabia, it said on Linkedin.

#10- S60 Ventures, a subsidiary of the Saudi Investment Bank, partnered with FinTech Saudi to launch the S60 Accelerator for fintech startups, a 16-week program for seed-stage fintech startups in the Kingdom. Each cohort of five startups will receive between USD 100k-200k in funding, alongside tailored mentoring, workshops, and access to a network of investors and financial institutions.

WATCH THIS SPACE- Elm is working with banks on a “smart” product to assess financial risk for transactions and individuals, its head of government products Majed Al Otaibi told AlArabiya.

FROM STARTUPLAND-

Open banking startup Spare has raised USD 5 mn in a pre-Series A round led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, Middle East Venture Partners (MEVP), Boubyan Ventures, and more, according to a press release. The new capital will be used to enhance integrations with banks, develop new products, and expand services across the region.

Fintech LDUN also closed a USD 4.8 mn seed funding round led by Sadu Capital, with participation from Suhail Ventures and Numu Angels. The company specializes in factoring for micro, small, and medium-sized enterprises, it said on LinkedIn.

Meanwhile, Homegrown digital asset infrastructure startup Oumla raised USD 2.4 mn in a seed funding round led by Core Vision, with participation from Avalanche and angel investors, it said in a press release. The company will use the funds to expand its team and strengthen partnerships with regulators, banks, and government entities in Saudi Arabia and the region.

ALSO- Homegrown laundry tech platform Zahib closed a seed funding round for an undisclosed amount from an unnamed angel investor, it said on LinkedIn on Monday. The startup will use the funding to expand across cities in the Kingdom, enhance its technology stack, and roll out advanced services designed to eliminate inefficiencies in the laundry sector.

AND- Shariah-compliant digital deposit marketplace Wadaie secured an undisclosed amount in a seed funding round led by VentureSouq, with participation from Graphene Ventures, RZM Investment, Arab National Bank, and Alinma Bank, it said in a LinkedIn post.

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