Riyadh - Sharikat Mubasher: Madfu, a Saudi provider of buy now pay later (BNPL) services in tourism, entertainment, and e-commerce sectors, closed a pre-seed funding round worth SAR 12 million with participation from several investors.
In a statement, the company noted that it targets entering larger sectors to meet the ongoing demand for BNPL activities, enabling store owners to enlarge their sales volume.
Launched in 2023, Madfu platform provides services in compliance with Shariah principles without any hidden fees or additional costs to customers.
The platform, licensed by the Saudi Central Bank (SAMA), offers a secure and easy payment method for credit payment services that serve the entertainment and food sectors.
Abdullah Albrahim, Co-founder of Madfu, stated that the funding round will enable Madfu to reach a wider segment of partners to provide their services via Madfu platform.
He added that the company aims to enhance its customer care service and contribute to achieving the Kingdom’s goal to be a leader in the fintech sector.
Recently, Madfu concluded a cooperation agreement with the Saudi Tourism Authority to provide BNPL services in the tourism sector and consolidate the Kingdom’s position as an exceptional tourism destination.
