Saudi Arabia-based fintech startup Vrtx has raised $3.6 million in pre-seed funding to build infrastructure that helps businesses embed financial services into their products.
Founded by Mishal Bin Slimah and Omar Shaaban, Vrtx is developing tools for wallets, payouts, card issuing, transfers and transaction processing. The founders previously worked together at Saudi digital financial platform Tweeq.
The Riyadh-based company has received In-Principle Approval from the Saudi Central Bank (SAMA) for an Electronic Money Institution license, a step toward offering its services within the Kingdom’s regulatory framework.
Vrtx said its platform is designed to bring technology, operations, compliance and security capabilities together, allowing companies to launch financial products without building the underlying systems from scratch. It is also developing a secure testing environment and guided workflows for businesses moving toward live operations.
The round was backed by SC Ventures by Standard Chartered, Sadu Capital, BYLD, Suhail Ventures, F6 Ventures, TAZ Investment and Palm Ventures.
According to the company, Vrtx’s broader goal is to make fintech capabilities easier for businesses to access and integrate as demand for embedded finance grows in Saudi Arabia and across MENA.
Source: Arab Founders
