Madfoo closes an early investment round of 12 million SAR

Saudi financial technology company, “Mudawal,” offering the “Buy Now, Pay Later” service in the entertainment, tourism, and e-commerce sectors, has successfully concluded a pre-seed investment round of 12 million Saudi riyals with the participation of several investors.

Established in 2023, “Mudawal” obtained approval from the Saudi Central Bank (SAMA) to conduct deferred payment activities in the kingdom, specifically in the tourism, entertainment, and e-commerce sectors, as well as product installment plans over three installments.

The company provides its services in compliance with Sharia regulations, without any hidden fees or additional costs to customers.

It aims to target a broader range of sectors to boost sales for store owners, especially with the increasing demand for the Buy Now, Pay Later service.

The Saudi Central Bank’s 2022 Financial Technology Report showed a significant rise in Buy Now, Pay Later services over the first three years, with the number of users exceeding 10 million and the number of stores offering the service surpassing 30,000 by the end of 2022.

Commenting on the investment round, Abdullah Al Brahim, Co-founder and Chairman of Mudawal, said, “We are pleased at Mudawal to have completed this round, which will enable our customers to enjoy entertainment, tourism activities, and online purchases in the kingdom.

We look forward eagerly to the next phase of serving Mudawal customers exceptionally and contributing to achieving the strategic goals of financial technology.

We aim for Saudi Arabia to be among the leading countries in this field, with innovation in technology-driven financial services as the foundation for empowering individuals and society.”

Recently, Mudawal announced a joint cooperation agreement with the Saudi Tourism Authority to market products in the tourism and entertainment sectors and promote the spirit of Saudi Arabia.

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