Saudi Fintech Malaa Raises $17.3 Million in Series A Round

Saudi fintech company Malaa has secured $17.3 million in a Series A funding round led by SNB Capital, with additional participation from Derayah Financial, Khwarizmi Ventures, Impact46 and WKN.

Founded in 2021 by Ali Aloraini and Faisal Alqarni, Malaa is a wealth management tool designed to assist both individuals and organizations in making better financial decisions through data-driven products and services.

The newly raised funds will be allocated towards launching a range of investment and savings products, alongside various new features and services. This follows an earlier Seed round in March 2022, where Malaa raised $1.7 million from regional investors.

Licensed under the Saudi Central Bank's regulatory sandbox, Malaa is recognized as a leader in wealth management within Saudi Arabia. The company plans to use the new funding to enhance its compliance, governance, and cybersecurity systems, ensuring service stability, protecting customer data and combating fraud.