The leading digital broker for personal loans in Saudi Arabia, Arib has closed a seed investment round totaling $2.3 million, led by Merak Capital, an investment firm focused on technology companies, with participation from angel investors.
The funding from the seed investment round will enable Arib to meet the requirement set by Saudi Central Bank (SAMA) to finalize the licensing process as well as expand Arib’s portfolio of services to encompass different types of loans, including personal loans, home loans, and credit cards. Further, the digital broker will use this funding to streamline its operations and technology infrastructure.
Founded in 2019 by Mr. Waleed Talaat, Mr. Omar Alhammad, and Mr. Mohamed Dessouky, Arib has developed its first product, “Syaaraat,” an all-in-one platform that offers consumers auto financing options from different banks and financing companies.
Arib helps people to pick the best auto financing options concerned to their credit profile quickly and easily while increasing sales, lowering costs, and offering access to new clients for banks and car dealerships.
Mr. Waleed Talat, CEO and Co-founder of Arib, said, “We are happy to close this round as it is a testament to our accelerated growth over the past three years. During this time, we have served over 50,000 clients across all regions in the kingdom. We aim to go forward with this investment by finalizing licensing from SAMA and expanding our portfolio of products with more loans to be serviced by our platforms.”
Merak Capital, one of the most prominent technology investors in the Middle East, will help Arib to achieve its growth targets, form new partnerships with regional financial institutions, build a talented team, and expand in offerings and into other markets.
Mr. Abdullah Altamami, Partner & CEO of Merak Capital, commented, “We at Merak have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure. As such, we are proud to back Arib as it accelerates in digitizing hundreds of billions in loans across the Kingdom, and soon the region.”