Riyahd - Shairkat Mubasher: Saudi-based fintech company Wadaie secures a pre-seed funding led by RZM Investments along with Bunat Ventures and other Saudi investors, the company stated in a recent press release; however, the amount of the pre-seed funding was not announced.
Wadaie provides a hub connecting depositors with all banks in Saudi Arabia, offering a unique experience for depositors and enabling them to achieve highest returns on time deposits in compliance with Islamic Shariah without the need to open new accounts at other banks.
The Saudi company was founded by Abdullah Alandas, Rayan Altuwayjiri, and Abdulrahman Alhawas in 2022.
Along with depositors, Wadaie provides excellent services for banks as well. It enables banks enter new markets, expand their client base, and access different liquidity sources without increasing the infrastructure costs.
As per the Founder & CEO Abdullah Alandas, the business model of Wadaie follows the strategic goals of the Financial Sector Development Program. He elaborated that Wadaie’s goals are to enlarge its savings base and investments products, enhance trust in them, in addition to facilitating access to potential customers.
