Riyadh – Sharikat Mubasher: Malaa, a permitted company by the Saudi Central Bank's regulatory sandbox and a prominent leader in wealth management in Saudi Arabia, announced the successful closure of its Series A funding round, raising SAR 65 million ($17.3 million).
The round was led by SNB Capital, the Kingdom's largest asset manager, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN, according to the company’s press release.
On this occasion, Ali Aloraini, Co-Founder and CEO, said: "Since joining the regulatory sandbox, we have continuously improved and developed, with guidance and support from the Saudi Central Bank's regulatory sandbox and the Financial Market Authority's fintech lab. The regulators have spared no effort to overcome obstacles and support us throughout this journey. This round will allow us to enhance and bolster the readiness of our compliance, governance, and cybersecurity systems, which have become critically important to ensure service stability, protect customer data, and combat fraud."
Faisal Alqarni, Co-Founder and Chief Strategy Officer, added: "This funding round reflects the confidence of the Kingdom's largest asset managers in our vision and ambitions. Through this, we aim to enhance our customers' experience by offering high-quality and innovative wealth management products, which will contribute to achieving their financial goals efficiently and effectively."
This investment reaffirms Malaa's commitment to providing the best solutions in wealth management. The company is working on launching a new range of investment and savings products, along with various features and services that meet the desires and aspirations of its customers, continuing its mission to be a leader in wealth management.
Established back in November 2020, the startup was founded by Ali Alorainy and Faisal Alqarni who both come with diverse experiences in finance and technology. Malaa earlier announced obtaining SAMA’s permit to operate open banking activities with the aim of helping individuals make better financial decisions through cutting-edge technologies in big data and artificial intelligence
