Riyadh - Sharikat Mubasher: The UAE-based financial literacy startup, Yabi by Souqalmal, secured $8 million in a Seed round to develop its products and services in Saudi Arabia and expand in the regional markets, a recent statement revealed.
This investment was secured by investment firm Al Wafra Al Thanya (Wafra II) along with the existing investors.
Yabi, launched this November in Saudi Arabia, is a localized personal finance masterclass platform available in both Arabic and English languages. It offers two new classes every month, all delivered by Saudi market experts.
The main objective of Yabi is to increase financial literacy through B2B relationships by encouraging companies to bring financial literacy as part of their employee well-being program and allocating dedicated resources to lead market penetration.
Ambareen Musa, CEO of Yabi, stated that Yabi’s business aligns with the Kingdom’s Vision 2030 objective to raise the financial literacy and saving levels across the Kingdom.
She added: “Financial literacy and the involvement of individuals in the economy are top priorities for the public and private sectors. 30% of Saudis are considered financially literate today (report by SAMA) and the savings ratio was 1.6%1 of annual disposable income (2018).”
“The Saudi government is working towards achieving its National Savings and Financial Literacy Strategy, which aims to help individuals make better financial decisions and increase the access and use of personal financial tools. This is a crucial moment for Yabi and the Kingdom to work towards the financial well-being of their citizens and residents,” Musa elaborated.
For his side, Salah Khashoggi, Managing Director of Al Wafrah Al Thaniya, commented: “Yabi is at the forefront of using tech to empower individuals by spreading essential financial knowledge. Wafra II believes that any future for fintech must include efforts to spread financial awareness.”
He stated that Al Wafrah Al Thaniya’s investment in Yabi aligns with its core purpose to play a role in raising the level of financial education, building up investments and savings, and therefore contributing to the Kingdom’s digital GDP.
