Mala Raises $7 Million in Pre-Seed Round Led by VentureSouq

Musaab Hakami, Mala's Founder and CEO

Saudi-based fintech startup Mala has secured $7 million in a pre-seed funding round led by VentureSouq, with participation from prominent investors such as Beco Capital, M Capital, Access Bridge Ventures, Palm Ventures, Shorooq Partners, Waad Investment, and D Global Ventures, the company announced on Saturday (October 19).

Founded earlier this year by Musaab Hakami, a leading angel investor with over 100 investments, Mala aims to revolutionize business procurement through its buy now, pay later platform. The service allows businesses to acquire goods with flexible 30- and 60-day payment options across various channels—online, phone, and in-store.

Hakami, who also previously served as General Partner at VentureSouq’s fintech fund, highlighted the challenges suppliers in Saudi Arabia face when offering credit, often relying on relationships rather than data-driven risk assessments. Mala’s platform leverages technology and big data to provide prompt payments to suppliers while offering buyers flexible credit terms.

Expressing his excitement about the funding, Hakami said, “This investment is a testament to the hard work of our team as we work to transform procurement payments for businesses.” Mala is set to officially launch its platform in the next two months.

Source: MENAbytes