Riyadh - Sharikat Mubasher: The Saudi fintech company Rakeez Capital secured SAR 7.5 million in a seed round led by Core Vision Investment Company, the fintech company announced in a statement.
Rakeez Capital, launched in 2023, is licensed by the Capital Market Authority (CMA) to provide diverse options for investors and companies and offer a wide range of financing tools to companies and real estate developers by issuing debt and deed instruments.
Commenting on the investment round, Saeed AlAhmari, Founder and CEO of Rakeez Capital, affirmed it will drive the company’s plans to develop and provide the best innovative financial solutions, leveraging advanced artificial intelligence (AI) technologies to reach more customers and explore potential opportunities in the market.
He added that the company aims to play a crucial role in realizing the Financial Sector Development Program's objectives by achieving financial inclusion and driving companies’ growth.
For his part, Faisal Al-Abdulsalam, Founder and CEO of Core Vision, said that the instruments and bonds market in Saudi Arabia is pivotal as it reached around SAR 534.7 billion by the end of the third quarter (Q3) of 2023, 5% up from SAR511.25 billion in Q3-23.
Rakeez Capital targets changing the future of investment in the Kingdom through the localization of the debt instruments market, aiming to find alternatives to bank financing by issuing deeds and putting them out for investment.
