DUBAI: Saudi financial technology startup CashIn has raised SR6 million ($1.6 million) in its latest funding round, as the industry grows bigger due to evolving consumer habits.
The startup provides digital payment solutions, virtual points of sale, and other payment features to businesses who are looking to manage sales in an integrated platform.
It comes as a new e-invoicing rule in the Kingdom is set to be implemented, with CashIn partnering with the government sector to fully comply with it, the startup said in a statement.
“The Kingdom of Saudi Arabia is undergoing rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen on CashIn to adapt to these fast-paced changes in parallel with Saudi Arabia’s Vision 2030,” its chief executive officer Omar Al-Rammah said.
The seed round was led by BIM Ventures and a number of angel investors, the startup said.
Saudi Arabia is focusing on the digitalization of its financial sector. The Saudi government approved licenses for two digital banks in the Kingdom in June, with one owned by telecommunications giant STC.
The Kingdom’s Financial Sector Development Program aims at enabling local financial technology companies and raising the amount of digital transactions within the banking sector.
While the program targets the listing of 25 new companies on the Saudi stock exchange by 2025, its other goal is to improve the listing process for companies.
In January, SAMA issued new regulations for debt-based crowdfunding in the Kingdom. The framework provided more opportunities for startups and small and medium-sized enterprises in the country to access capital and source funding to expand.