Saudi fintech company Madfoo, specializing in Buy Now, Pay Later (BNPL) services, has successfully closed a $25.5 million Pre-Series A funding round. The investment saw participation from Afaq Capital Fund and a number of angel investors.
Fueling Domestic Expansion
The company plans to allocate the new capital towards its operational expansion and growing its network of partner merchants within the Kingdom of Saudi Arabia. Madfoo will also continue to invest in the development of its proprietary technologies and digital solutions to further support the local commerce and services sector.
SAMA-Licensed BNPL Solution
Founded in 2022 by Abdullah Al-Ibrahim, Ahmed Al-Wushail, and Anas Al-Shuqair, Madfoo has obtained an official license from the Saudi Central Bank (SAMA) to provide BNPL services. The platform offers consumers flexible payment plans of up to six installments with no interest or hidden fees.
Madfoo’s payment options are designed to facilitate purchase decisions and reduce the financial burden on consumers. By providing secure and user-friendly digital payment solutions, the company aims to create mutual benefits for both shoppers and merchants, contributing to the rapid growth of Saudi Arabia’s fintech ecosystem.
About Madfoo
Madfoo is a Saudi Arabia-based financial technology company licensed by the Saudi Central Bank to provide Buy Now, Pay Later services. The company offers flexible, Sharia-compliant payment plans to individuals and various business sectors, enabling customers to split payments into installments without interest or hidden fees.
Source: Jawlah
