Mala Raises $7 Million in Pre-Seed Round Led by VentureSouq
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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
Mala Inc.
The 1st B2B BNPL Startup in Saudi Arabia. Boost Your Business. Get Goods and Preserve Cash Flow with Mala. Experience the transformative power of Mala as it empowers businesses to access essential goods without burdening their cash flow or tying up working capital.
VentureSouq
VentureSouq (VSQ) is a venture capital fund manager based in the MENA region that operates with a global portfolio and is presently concentrating on FinTech and ClimateTech.
Shorooq Partners
Shorooq Partners is an Abu Dhabi-based investment fund that specializes in backing early-stage technology startups, primarily in the MENAP region.
Beco Capital
BECO Capital stands as one of the pioneering early-stage venture capital firms in the UAE, prioritizing the MENA region, and is dedicated to providing growth capital and operational guidance to early-stage technology companies.
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