KSA-Based LYNK Secures Major Investment to Drive Saudi Fintech Revolution
In a significant move to reshape the fintech landscape in accordance with Islamic finance principles, LYNK has solidified its market position through a successful investment round and the establishment of strategic partnerships with industry stalwarts Al Fozan Holding and Ramla Holding Group.
This collaboration, orchestrated by Investors' Mine Angel Network, aims not only to meet but also to anticipate the burgeoning needs of the financial sector, driving forward the Kingdom's 2030 Vision.
Launched by BIM Ventures' Saudi Venture Studio in early 2023, LYNK is emerging as a vital nexus in Saudi Arabia’s fintech ecosystem, seamlessly automating over SR 100 million in Murabaha transactions since its inception.
The platform boasts an impressive capacity for 15,000 daily transactions with a value of over SR 5 billion, each executed in under a minute, acting as a link between financial institutions, commodity markets, and beneficiaries.
In addition, LYNK aims to broaden its reach within the financial sector, both locally and internationally.
The company plans to introduce additional FinTech products that cater to financial institutions, which will assist in the overall growth and development of the financial services sector, specifically the FinTech sector, in alignment with the Kingdom's 2030 Vision.
Mr. Abdulatif Ali Al Fozan, Chief Operating Officer of Al Fozan Holding, has stated: “This strategic partnership, of which we are proud, with LYNK, a leading Saudi FinTech, is aligned with the Kingdom's ambitious 2030 Vision and with our belief in the significance of FinTech and its positive impact on improving performance efficiency, providing integrated services, and keeping pace with the digital future in the industry.” Mr. Al Fozan added: “We are determined to establish a strong presence in this developing sector that supports the national economy and enhances the financial services ecosystem.”
In his remarks, Mr. Thabet Alsubaie, CEO of LYNK, expressed his pride in being the first Saudi company to specialise in this field. Furthermore, he noted, "LYNK is considered a leading company in the FinTech industry."
He added, "LYNK is dedicated to expanding its scope of work and strengthening its position among prominent financial institutions by establishing strategic partnerships aimed at meeting the aspirations of customers and fulfilling market needs."
Ramla Holding Group's CEO, Mr. Fahad Al Farraj, has expressed interest in investing in FinTech. As he explained further, "LYNK is compatible with the group's objectives, which include investing in leading companies in the sector." According to Mr. Al Farraj, “The group aspires to strike successful partnerships that will facilitate the realisation of the Kingdom's 2030 Vision.”
Additionally, His Excellence Sheikh Dr. Abdullah Al Sulami, a professor at the Higher Judicial Institute, has stated: “The launch of LYNK serves as a solution that meets the legal requirement that ownership and authorization be separated between financiers and financed parties, as established by the Islamic Fiqh Council of the Muslim World League and the International Islamic Fiqh Academy (IIFA) of the Organization of Islamic Cooperation.”
Sheikh added: “By automating Islamic finance transactions and acting as a link between financing agencies, commodity markets, and financiers in a manner compatible with Islamic Sharia law, LYNK is considered a significant addition to the legitimacy of Saudi Arabian banking.”
Looking forward, LYNK is set to harness the growing momentum within Saudi Arabia's Islamic banking sector, an integral aspect of the Vision 2030 blueprint.
With the Saudi Central Bank's ongoing support, the aim is clear: to establish Riyadh as a global fintech hub, leveraging the innovations and services of LYNK and its partners.
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