Fintech Saudi-based startup, Malaa Technologies, announced that it has raised $17.3 million (SAR 65 Million) in a Series A funding round led by SNB Capital, with participation from Derayah Financial and Khwarizmi Ventures.

Why it Matters? This is the first investment from SNB in a Saudi fintech startup.

More to Know:

• Malaa was founded in 2021 by Faisel AlQarni and Ali AlOrainy.
• The startup was authorized by the Saudi Central Bank in open banking activities.
• It was also authorized by the Saudi Capital Market Authority to offer Robo-advisory and assets management services.