Riyadh - Exclusive Sharikat Mubasher: The Saudi fintech startup UmrahCash plans to raise a new funding round by the end of 2024 to bolster its business within the upcoming period, Founder and CEO William Phelps told Sharikat Mubasher without revealing more details about the round.

In an interview, Phelps stated that UmrahCash will connect with interested investors “as early as possible”.

He noted that the company’s recent investment, valued at $500,000, positions the company well to grow and scale over the next six months.  

In the past few days, UmrahCash successfully secured $500,000 from Adaverse to revolutionize the Umrah experience for pilgrims and address the financial challenges facing them.

Phelps affirmed the company’s commitment to addressing challenges facing many pilgrims to access foreign currency by providing direct and easy access to Saudi riyals for pilgrims upon arrival to the Kingdom.

He clarified that the company focuses mainly on enhancing its financial infrastructure to serve pilgrims at every level of society, triggered by its vision to consolidate a comprehensive range of solutions, such as mobile money, bank accounts, or virtual wallets, in one centralized platform to serve as many Muslims as possible.

Focusing primarily on West Africa, UmrahCash aspires to expand its businesses to cover South and South East Asia in the future, as stated by Phelps.

UmrahCash aims to help pilgrims, particularly those from emerging markets, cash out their balance in riyals seamlessly and swiftly upon arrival to the Kingdom. It targets travelers with all levels of capital, financial, and technological knowledge.