Saudi Arabia’s fintech ecosystem continues to expand, with MoneyMoon, the Kingdom’s first Sharia-compliant peer-to-peer (P2P) lending platform, announcing the close of a $2.9 million (SAR 11 million) pre-Series A round. The funding was led by Core Vision, with participation from family offices and angel investors.
This milestone positions MoneyMoon as a key player in reshaping digital finance, supporting the country’s Vision 2030 objectives for financial inclusion and innovation.
Pioneering Sharia-Compliant P2P Lending
Founded in 2023 by Abdulmajeed Alaskar, MoneyMoon brings a new model of financing to the region. Operating under the Saudi Central Bank’s (SAMA) regulatory sandbox, the platform is the first to offer direct P2P lending in Saudi Arabia through a Murabaha-based structure.
This approach ensures that:
- All transactions are fully compliant with Islamic finance principles.
- Both lenders and borrowers benefit from transparent agreements.
- Short-term financing can be accessed quickly and securely.
What MoneyMoon Offers
MoneyMoon is designed to serve both borrowers and investors, with features that prioritize speed, security, and flexibility:
- Instant financing approvals for individuals and SMEs.
- Flexible investment options tailored to different risk appetites.
- Machine learning credit assessment to evaluate borrower reliability.
- Balanced protection for investors while ensuring fast access to capital for borrowers.
By using advanced data-driven tools, the company combines financial innovation with strong risk management.
Use of Funds
The newly raised capital will help MoneyMoon scale its operations and strengthen its technological infrastructure. Strategic areas of investment include:
- Enhancing technology to improve platform efficiency and user experience.
- Expanding access to instant short-term financing across Saudi Arabia.
- Growing investor base through tailored, Sharia-compliant opportunities.
- Aligning with Vision 2030, which emphasizes digital transformation and financial inclusion.
Driving Vision 2030 Goals
Saudi Arabia’s Vision 2030 has placed fintech at the center of its financial sector strategy. By promoting innovation, improving financial accessibility, and offering secure alternatives to traditional lending, platforms like MoneyMoon are critical to these reforms.
The company’s model helps:
- Strengthen financial inclusion for underserved individuals and SMEs.
- Support a dynamic, technology-driven financial ecosystem.
- Encourage more participation from local and regional investors in the digital economy.
What’s MoneyMoon up to?
MoneyMoon’s $2.9 million pre-Series A round marks a significant step for Sharia-compliant fintech in Saudi Arabia. With Core Vision and other investors backing its vision, the company is poised to scale its P2P platform, enhance financial access, and contribute to the Kingdom’s wider transformation goals.
By blending Islamic finance principles with modern technology, MoneyMoon is setting a new benchmark for how digital lending can evolve in Saudi Arabia and beyond.