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UAE’s Yabi concludes $8m funding round for Saudi expansion

UAE’s Yabi concludes $8m funding round for Saudi expansion
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UAE – Mubasher: Dubai-based fintech Yabi By Souqalmal has secured $8 million in a Seed funding round, aiming to foster product development and push growth into regional markets.

Al Wafra Al Thanya (Wafra II) joined the list of existing investors that participated in the fundraising transaction, according to a press release.

Yabi was launched in Saudi Arabia this November, in both English and Arabic, to boost a localised personal finance wellbeing platform. 

The company seeks to increase financial literacy through business-to-business (B2B) relationships by encouraging companies to bring financial literacy as part of their employee well-being program.

Ambareen Musa, CEO of Yabi, commented: “Yabi and Saudi Vision 2030 share a common goal: to increase financial literacy and saving levels across the Kingdom.”

“The Saudi government is working towards achieving its National Savings and Financial Literacy Strategy, which aims to help individuals make better financial decisions and increase the access and use of personal financial tools,” Musa added.

She indicated: “This is a crucial moment for Yabi and the Kingdom to work towards the financial well-being of their citizens and residents.”

Salah Khashoggi, Managing Director of Al Wafra Al Thanya, indicated: “Yabi is at the forefront of using tech to empower individuals by spreading essential financial knowledge.”

“The investment in Yabi to bring its platform to the Saudi market aligns with its core purpose to play a role in raising the level of financial education, build up investments and savings and therefore contribute to Saudi Arabia’s digital gross domestic product (GDP).”

Meanwhile, Yabi is expected to add more names to its list of adopters, which includes Al-Futtaim, Careem, Chalhoub, and Al Ghurair, among others.