Saudi fintech company Manafa raises $28mn in Series A round

By Shilpa Annie Joseph, Official Reporter
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Manafa raises fund
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Saudi Arabia’s leading debt and Investment company, Manafa has raised $28 million (SAR 106 million) in a Series A round to launch new products and expand its offering across various sectors.

The funding round was led by Saudi venture capital firm STV and Saudi Aramco’s venture capital arm, Wa’ed Ventures.

The company was founded in 2018 to provide financial products tailored to fulfill the needs of small and medium enterprises (SMEs) in various sectors by offering debt and equity financing based on a crowdfunding model.

The company is licensed by the Saudi Central Bank and the Saudi Capital Market Authority. Manafa aims to bridge the financing gaps for SMEs by opening the opportunity to a larger segment of local retail and institutional investors.

According to the company, “Manafa plans to turbocharge its growth in the Kingdom, and expand its offering with the launch of several products and financing solutions across untapped sectors; in addition to doubling the number of investors who are provided the opportunity to invest in previously-inaccessible alternative asset classes.”

Mr. Abdulaziz Al-Adwani, Founder and CEO of Manafa Capital, stated that “Manafa is planning to launch a new set of products that tackle quick access to financing and capital and empowers SMEs to fuel their growth.”

“Today, and within a short period, we were able to transform one of the vision’s goals into a reality that efficiently contributes to the providing of financing, investment, and savings solutions through solid, effective, and reliable technology-enabled business models, and we aim – with the completion of this round – to work with our partners to increase the impact of Manafa products and solutions on the growth of private sector companies and enhance the empowerment of financial planning for individuals,” commented Eng. Amr Murad, Co-Founder, and Chairman of Manafa.

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