Saudi Arabia’s fintech sector is gaining momentum, and the latest boost comes with Merak Capital’s $1.2 million investment in Bynow, a business-focused payments startup. The funding will accelerate Bynow’s product development and expand its footprint across the Kingdom and the wider region.
Driving Innovation in B2B Payments
Founded in 2022 by Rami Suliman and Ahmed Banafa, Bynow addresses a key challenge for businesses: cash flow. Traditional payment cycles in the region are often slow, leaving small and medium-sized enterprises (SMEs) struggling to manage liquidity.
Bynow solves this problem by offering Buy Now, Pay Later (BNPL) solutions tailored to businesses. Instead of being restricted by upfront costs, companies can access flexible payment terms, enabling smoother transactions and stronger balance sheets.
Key offerings include:
- BNPL for SMEs: Helping small businesses manage cash flow without relying solely on bank credit.
- Automated Receivables and Payables: Building tools to streamline manual processes.
- Simplified Intercompany Payments: Reducing friction in B2B transactions.
Strategic Fit with Vision 2030
Saudi Arabia’s Vision 2030 aims to diversify the economy, enhance digital adoption, and build a robust fintech ecosystem. Bynow’s focus on improving B2B financial infrastructure directly supports these objectives.
By digitizing business payments, Bynow contributes to:
- Greater transparency in transactions.
- Higher efficiency in managing cash flows.
- Agility for SMEs competing in a digital-first economy.
Merak Capital’s Role
Merak Capital, an investment firm focused on technology and innovation, sees Bynow as a promising player in the regional fintech landscape. The funding is not just financial support but also a signal of confidence in Bynow’s model and its potential to scale.
The investment will allow Bynow to:
- Expand its reach within Saudi Arabia and neighboring markets.
- Accelerate the launch of new automation products.
- Strengthen partnerships with SMEs and corporate clients.
A Growing Fintech Market
Saudi Arabia has become one of the most active fintech hubs in the Middle East. Regulatory reforms and state-backed initiatives have created fertile ground for startups. Bynow’s emergence highlights how fintech firms are targeting business-to-business opportunities, not just consumer services.
BNPL solutions for individuals have seen rapid adoption worldwide, but applying the same model to B2B is relatively new. Analysts expect demand to grow as companies seek flexible financing tools in uncertain economic conditions.
Looking Ahead
Bynow’s journey reflects the evolution of Saudi Arabia’s fintech sector from retail-focused products to enterprise-grade solutions. With backing from Merak Capital, the startup is positioned to scale its technology and become a leading name in regional B2B payments.
By addressing cash flow challenges and automating financial processes, Bynow is not just supporting SMEs but also advancing the Kingdom’s digital transformation vision.