Rakeez closes a $2 million Seed Round led by CoreVision to support financial technology services in Saudi Arabia
Rakeez Financial, a Saudi Arabian financial technology company, has closed a $2 million Seed Round investment led by CoreVision, supporting the expansion of financial technology services in the Kingdom of Saudi Arabia.
Saudi Arabia launched the Fintech Saudi initiative in April 2018, spearheaded by the Saudi Arabian Monetary Authority (SAMA) and the Capital Market Authority (CMA), aiming to advance the financial technology sector, contributing to national economic and social development.
The initiative aims to position Saudi Arabia as an innovation hub in financial technology, nurturing talent, building capabilities, and supporting fintech entrepreneurs at every stage of their development.
Rakeez operates as a specialized platform for issuing debt instruments and sukuk (Islamic bonds), emphasizing a set of strong and resilient values and components.
The company works on localizing debt instruments in the Saudi financial market, facilitating investment opportunities through the issuance and offering of sukuk.
CoreVision, a company specializing in Software as a Service (SaaS), technical education, e-commerce, enterprise solutions, and financial technology investment, provides financing, technical support, and assistance to investors and companies in various sectors.
