The Saudi Central Bank’s regulatory sandbox-approved company Malaa, a well-known pioneer in wealth management in Saudi Arabia, has announced the successful completion of its Series A funding round, which raised 65 million SAR ($17.3 million). Leading asset manager in the Kingdom, SNB Capital, led the round, with participation from Khwarizmi Ventures, Derayah Financial, Impact46, and WKN.
On this occasion, Ali Aloraini, Co-Founder and CEO, said: “Since joining the regulatory sandbox, we have continuously improved and developed, with guidance and support from the Saudi Central Bank’s regulatory sandbox and the Financial Market Authority’s fintech lab. The regulators have spared no effort in overcoming obstacles and supporting us throughout this journey. This round will allow us to enhance and bolster the readiness of our compliance, governance, and cybersecurity systems, which have become critically important to ensure service stability, protect customer data, and combat fraud.”
Faisal Alqarni, Co-Founder and Chief Strategy Officer, added: “This funding round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. Through this, we aim to enhance our customers’ experience by offering high-quality and innovative wealth management products, which will contribute to achieving their financial goals efficiently and effectively.”
Malaa’s dedication to offering the greatest wealth management solutions is reaffirmed by this investment. In keeping with its goal of being a leader in wealth management, the company is developing a new line of savings and investment products, as well as several features and services that cater to the needs and goals of its clients.
