Saudi-based B2B fintech startup Bynow has successfully raised $1.2 million in a funding round from Merak Capital. The investment is earmarked to accelerate the company’s product development and support its expansion plans within Saudi Arabia and the wider region.
Streamlining B2B Transactions
Bynow provides specialized Buy Now, Pay Later (BNPL) solutions tailored for business-to-business transactions. This model offers companies, particularly small and medium-sized enterprises (SMEs), greater flexibility in managing payments and significantly improves their cash flow. Beyond its core BNPL offering, the company is also developing a broader suite of products aimed at automating accounts receivable and payable processes, seeking to simplify intercompany payments that are often burdened by manual procedures.
Fueling Product Development and Expansion
The injection of $1.2 million from Merak Capital will serve as a critical catalyst for Bynow’s growth strategy. The funds will be primarily directed towards enhancing its technology platform and accelerating the development of new financial tools. A key objective for the startup is to solidify its market position within the Kingdom before extending its footprint into other regional markets, bringing its innovative payment solutions to a wider business audience.
Aligning with Vision 2030
Founded amidst Saudi Arabia’s burgeoning fintech landscape, Bynow’s mission to enhance B2B payment efficiency is in direct support of the country’s Vision 2030 objectives. By fostering digital transformation and enabling business growth, the startup contributes to building a more agile, transparent, and robust financial ecosystem for the modern Saudi economy.
About Bynow
Founded in 2022 by Rami Suliman and Ahmed Banafa, Bynow is a financial technology company based in Saudi Arabia. It specializes in offering B2B BNPL solutions and developing tools to automate financial processes, with a primary focus on empowering SMEs by improving their cash flow and operational efficiency.
Source: Wamda
