Revolutionizing B2B Payments in Saudi Arabia
Saudi Arabia-based fintech startup, Mala, has just secured a massive $7 million in pre-seed funding, led by the prominent venture capital firm, VentureSouq. This significant investment, which also saw participation from Beco Capital, M Capital, Access Bridge Ventures, Palm Ventures, Shorooq Partners, Waad Investment, and D Global Ventures, will fuel Mala’s mission to revolutionize B2B payments in the Kingdom.
How can the Mala funding empower businesses in Saudi?
Founded by Musaab Hakami, a renowned angel investor with over 100 investments under his belt, Mala is building a cutting-edge buy now, pay later (BNPL) platform specifically designed for businesses. This innovative solution addresses a critical need in the market: providing businesses with flexible payment options while ensuring timely payments for suppliers.
Traditional Challenges, Modern Solutions
Traditionally, extending credit to businesses has relied heavily on personal relationships and manual processes, often making it difficult for suppliers to assess risk and ensure timely payments. Mala leverages the power of technology and big data to streamline the process, providing a more efficient and reliable solution for both buyers and suppliers.
Key Features of the Mala Platform:
- Flexible Payment Terms: Offers a range of payment options, including 30- and 60-day terms, to meet the diverse needs of businesses.
- Seamless Integration: Supports purchases across all channels, including online, over the phone, and in-store.
- Data-Driven Decisions: Utilizes advanced analytics and risk assessment models to ensure timely payments while minimizing risk.
What next for Mala after funding?
“We are incredibly excited to have the support of such a strong investor syndicate,” says Musaab Hakami, Founder and CEO of Mala. “This funding will enable us to accelerate our growth, expand our product offerings, and empower businesses across Saudi Arabia with the financial flexibility they need to thrive.”
The Future of B2B Payments
Mala’s innovative approach to B2B payments has the potential to transform the business landscape in Saudi Arabia. By providing businesses with access to flexible and reliable payment options, Mala is empowering them to grow, innovate, and contribute to the Kingdom’s economic growth.
