Arib, a digital loan broker in Saudi Arabia, closed a $2.3 million seed investment round that will allow the company to expand its product range and enter new markets.
Merak Capital, an investment company focused on technology ventures and licensed by the Capital Market Authority of Saudi Arabia, led the funding round with participation from angel investors, Arib said on Monday.
Arib will use the funds to meet the requirements set by the Saudi Central Bank to finalise the licensing process and expand its portfolio of services to include different types of loans, including personal loans, home loans and credit cards, the company said.
We have been granted initial approval by Sama for the activity of digital brokerage services
Waleed Talat,
chief executive and co-founder of Arib
The digital broker will also use the proceeds to streamline its operations and technology infrastructure, it said.
“Saudi Arabia is witnessing an unprecedented revolution in technology and it’s not more apparent than in the FinTech space,” said Waleed Talat, chief executive and co-founder of Arib.
“Alongside the accelerated adoption of FinTech solutions, Sama introduced a licence for digital brokerages as a supportive activity to financing services. We have been granted initial approval by Sama for the activity of digital brokerage services.”
Start-ups in Saudi Arabia attracted a record $168m worth of venture capital funding through 54 transactions in the first half of 2021, according to data platform Magnitt. This is about 94 per cent of the money secured by the kingdom’s start-ups in 2020.
The FinTech sector, in particular, has witnessed significant growth in the kingdom over the past few years.
The kingdom had 16 venture investments in FinTech with a total deal value of $157.2m in the first eight months of 2021, a report by Fintech Saudi said. That was up from seven venture investments worth $7.8m in 2020 and six venture investments worth $18m in 2019.
Founded in 2019 by Mr Talaat, Omar Alhammad and Mohamed Dessouky, Arib introduced its first product, Syaaraat, a platform that provides consumers with auto financing options from different banks and financing companies.
The platform helps to match the best auto financing options with users, based on their credit profile, while increasing sales, lowering costs and offering access to new clients for banks and car dealerships, Arib said.
The digital loan broker served more than 50,000 clients across Saudi Arabia over three years, it added.
Merak Capital will help Arib achieve its growth targets, form new partnerships with regional financial institutions, build a talented team and expand in offerings and into other markets, the companies said.
We have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure
Abdullah Altamami,
partner and chief executive of Merak Capital
“We have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure,” said Abdullah Altamami, partner and chief executive of Merak Capital.
“We are proud to back Arib as it accelerates in digitalising hundreds of billions in loans across the kingdom and the region soon.”
Founded in 2018, Merak Capital focuses on alternative investment classes such as venture capital, private equity and special projects.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
