Malaa, a wealth management company authorized by the Saudi Central Bank within the regulatory sandbox, has announced the closure of a Series A funding round worth SAR 65 million (USD 17.3 million). The round was led by SNB Capital, the largest asset manager in the Kingdom, with participation from Derayah Financial and Khwarizmi Ventures.
Commenting on this milestone, Ali Alorainy, Co-Founder and CEO of Malaa, stated: “Since joining the regulatory sandbox, we have been continuously improving and developing thanks to the guidance and support from the Saudi Central Bank’s sandbox and the Financial Market Authority’s Fintech Lab. The regulator has made significant efforts to overcome obstacles and support us throughout this journey. This round will allow us to enhance and upgrade our compliance, governance, and cybersecurity systems, which are crucial for ensuring service stability, protecting client data, and combating fraud.”
In turn, Faisal Alqarni, Co-Founder and Chief Strategy Officer, noted: “The investment round reflects the confidence of the Kingdom’s largest asset managers in our vision and ambitions. We aim to enhance our clients’ experience by offering high-quality and innovative wealth management products, which we hope will help them achieve their financial goals efficiently and effectively.”
Malaa is currently working on launching a new range of investment and savings products, along with additional features and benefits for its clients. Established in November 2021, Malaa later received authorization from the Saudi Central Bank for open banking activities and from the Financial Market Authority for robo-advisory and asset management activities.
