Saudi fintech Arib has raised $23.5 million in a funding round led by Merak Capital, positioning the company to scale its financing marketplace as demand for digital credit solutions accelerates across the Kingdom.
Quick Facts
- Funding: $23.5 million
- Lead Investor: Merak Capital
- Sector: Digital Lending & Fintech
- Founders: Omar Alhammad, Mohamed Dessouky, Waleed Talat
Tapping into Islamic Fintech Demand
The round notably included Sharia-compliant Murabaha financing facilities, signaling strong investor appetite for Islamic fintech products and digital lending infrastructure in Saudi Arabia. The inclusion of these facilities highlights the growing market for financial products tailored to regional financing preferences. This is the company’s second round led by Merak Capital, following a $2.3 million seed investment in 2022.
Scaling Infrastructure and Product Offerings
Arib plans to use the new capital to strengthen its technology infrastructure, expand its operational capabilities, and accelerate product development. The funds will also support the launch of additional financing products aimed at both individuals and businesses, catering to rising demand from younger consumers, entrepreneurs, and SMEs seeking faster and more flexible financing solutions.
Saudi Fintech Shifts to Infrastructure
The funding reflects a broader trend in Saudi Arabia’s fintech ecosystem, which is maturing beyond payments and digital wallets toward more complex financial infrastructure. As Saudi Arabia advances its financial sector modernization under Vision 2030, companies building digital infrastructure for lending, embedded finance, and online onboarding are attracting significant investor attention. Arib’s platform simplifies how consumers and businesses access financing by connecting them with multiple banks and licensed lenders through a single digital interface.
About Arib
Founded in 2018 by Omar Alhammad, Mohamed Dessouky, and Waleed Talat, Arib is a Saudi digital financing marketplace. The platform enables users to compare financing offers from various financial institutions and apply online, simplifying a process that has traditionally been fragmented across different banks and lenders.
Source: Wamda
