Startup Wrap — SAMA grants permits for two fintechs to provide Open Banking services; Zywa prepares to launch in Saudi Arabia 

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CAIRO: The Saudi Central Bank has granted permits for two fintech startups, Saudi-based Lean Technologies and Mod5r, to provide open banking solutions.

Bringing the total number of permitted companies operating under its regulatory SandBox to 38, SAMA — as the central bank is also known — is currently working on developing and implementing a high standard network to carry out open banking solutions across the Kingdom.

Founded in 2019, Lean Technologies is the first technical service provider to be approved by the SAMA SandBox and is set to support fintech companies in building the next generation of financial services.

Mod5r was founded in 2020 as it provides a mobile application for users to have all their financial transactions in one place.

UAE-based fintech Zywa raised a $3m seed funding round as it prepares to launch in Saudi Arabia in early 2023

Zywa, a UAE-based fintech that offers a gamified community banking app, has raised $3 million in a seed funding round from venture capital firms Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Venture Partners, and Zemu VC.

Backed by one of the largest global venture capital firms, Y-Combinator, the company is aiming to utilize its acquired funding to support product development, accelerate its growth in UAE and Egypt, and launch in Saudi Arabia by early 2023, Wamda reported.

Founded in 2021, Zywa raised a $1 million pre-seed round in February 2022 as the company is currently valued at approximately $30 million.

UAE-based logistics startup Cargoz receives undisclosed funding from Saudi’s Nama Ventures

Cargoz was founded earlier this year (Supplied)

UAE-based logistics startup Cargoz has secured a pre-seed funding by Saudi-based venture capital firm, Nama Ventures.

The company connects small and medium enterprises looking for storage space with warehousing companies that have extra capacity.

Founded in 2022, Cargoz will use its acquired funding to launch its simply-to-use platform for SME’s and warehousing companies.

Pakistan’s Mahaana Wealth raises $2.1m in a pre-seed funding round

Pakistan-based digital wealth management company, Mahaana Wealth raised $2.1 million in a pre-seed funding round led by Swedish investment company, Vostok Emerging Finance.

The company has received regulatory approval from the Securities and Exchange Commission of Pakistan to launch its investment management services.

Founded in 2021, the company is the first and only digital wealth manager in Pakistan, and will use its acquired funding to meet regulatory capital requirements, MAGNiTT reported.

UAE-based Property-tech startup Huspy acquires two mortgage brokers Just Mortgages and Finance Lab

UAE-based prop-tech startup, Huspy, announced the acquisition of two mortgage brokerages, Just Mortgages and Finance Lab, to improve the home buying ecosystem in the region.

“Joining Huspy is a dream come true. I can now be sure my extensive banking knowledge and experience are backed by the best technology and strong talent,” Just Mortgages Founder Ramesh Khemani, said in a statement.

CEO and founder of Finance Lab commented: “This partnership will allow us to further accelerate our business and add more value to our clients and partners.”

Huspy was established in 2020 with the aim to simplify the home financing sector as it provides buyers with market-leading financing offers, MAGNiTT reported.

Qatar-based sport-tech Sponix Tech receives undisclosed investment amount from UK’s Aser Ventures

Doha-based sports-tech startup Sponix Tech has received an undisclosed investment amount from UK-based Aser Ventures.

Founded in 2020, Sponix Tech provides solutions and services for leagues, clubs, broadcasters, and advertisers to increase viewership and enhance fan experience.

The company will use its acquired investment to boost growth and technology as Aser Ventures will leverage its global network, Wamda reported.

Egypt’s subscription management platform SubsBase raises $2.4m in a seed funding round

SubsBase was founded in 2020 (Supplied)

Egypt-based subscription management platform, SubsBase, raised $2.4 million in a seed funding round led by venture capital firm Global Ventures.

The round also saw participation from other venture capitals like HALA Ventures, P1 Ventures, Plus Venture Capital, Plug and Play, Ingressive Capital, Camel Ventures, Falak Startups, and Arzan Venture Capital.

Stating that it is the first and only subscription management platform catering to the MENA region, Mohamed M. Farag, co-founder and CEO at SubsBase, said: “We have a first-mover advantage and a strong business model which is endorsed by our esteemed investors.”

Founded in 2020, the company will utilize its funding to accelerate product development to cater customer demands as well as boost its expansion strategy across the MENA region.

SubsBase is a cloud-based subscription management and billing platform that empowers businesses that are based on recurring revenue.

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