Saudi’s Mala raises $7 million pre-seed for its B2B purchase now pay later platform 

Riyadh-headquartered fintech Mala has raised $7 million in a pre-seed spherical led by VentureSouq, it introduced in a press release on Saturday. The spherical was additionally joined by Beco Capital, M Capital, Entry Bridge Ventures, Palm Ventures, Shorooq Companions, Waad Funding, and D International Ventures.

Mala was based earlier this 12 months by Musaab Hakami, some of the energetic angel buyers within the area, with over 100 investments in recent times. Beforehand, he was a Normal Accomplice at VentureSouq’s fintech fund, a task he left earlier this month. He now serves as a Enterprise Accomplice on the fund.

The Saudi fintech is constructing a purchase now pay later platform for companies, permitting them to obtain items and defer fee. Based on its web site, Mala presently provides 30- and 60-day fee phrases. It helps purchases throughout all channels: on-line, over the telephone, and in-store.

Musaab Hakami, the founder and CEO of Mala, defined that suppliers within the Kingdom usually face challenges in providing credit score to companies, as conventional strategies depend on relationships fairly than thorough danger assessments. Mala addresses this through the use of expertise and massive knowledge, making certain suppliers are paid promptly whereas offering consumers with versatile credit score phrases that meet their wants.

Commenting on the funding, he mentioned, “This funding is a testomony to our unbelievable crew’s arduous work and dedication. Collectively, we’re on a mission to redefine how corporations handle their procurement funds, and this funding brings us one step nearer to creating that imaginative and prescient a actuality.”

The platform will launch throughout the subsequent two months, in response to a press release by the agency.

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