Riyadh: Wafeer, a fintech personal finance management app that provides financial solutions, has raised an undisclosed amount in a Pre-Seed funding round led by Nama Ventures, with participation from RAI group, WomenSpark, and several angel investors.
The Riyadh-based startup was founded in 2019 by Abdulaziz AlJasser, Ahmed Ramadan, and Salah AlBassam, and has received approval from the Saudi Central Bank (SAMA) to operate in the Kingdom as a part of the SAMA Regulatory Sandbox in 2020.
The platform is the first licensed Saudi-based app that tracks users expenses instantly either through direct connectivity with the banks or text messages, aiming to raise awareness and help individuals understand their spending behavior better.
Wafeer hinted that the Covid-19 pandemic has accelerated digital transformation and the use of digital payment solutions, which will support the Financial Sector Development Program goals, as well as promoting financial inclusion and the cashless community. The platform plans to be one of the first to benefit from the Open Banking System enabling users to manage their bank accounts and share their data securely.
“This round came as a result of investors’ confidence and team efforts to accelerate the objectives of the next phase. We are looking forward to attracting global and local talents, improving our product, and increasing marketing efforts to reach more than 250,000 customers in this current year. We also aim to be the leading Fintech brand in the Middle East” says Abdulaziz Aljasser, CEO of Wafeer.
Mohammed Alzubi, the General Partner of Nama Ventures adds: “We first met the Wafeer team in August of 2020. The first thing that stood out for us was how complementary was the skillsets of the team, with real role clarity from the get-go. Wafeer is the perfect example of the type of startup that Nama Ventures backs, a complementary team going after a great opportunity with a proven and tested business model. We view the wafeer team as friends rather than a portfolio company, and we are beyond thrilled to ride with this wonderful team on the Wafeer spaceship for the next 5 years minimum. Now no one would be asking ‘What did I spend my paycheck on?’”
“RAI investors are thrilled to support Wafeer’s team in their journey to help individuals in the kingdom to move from consuming to saving culture” Khalid Al Taweel, from RAI group added.
“We are proud and excited to be part of this journey with Wafeer, as we truly believe that the Wafeer team has a unique and creative solution in helping individuals to reach their financial goals at an accelerated pace” WomenSpark group added.