Mala, a Saudi-based fintech platform, has raised $7 million in a Pre-Seed funding round led by VentureSouq, with participation from Waad Investment, Shorooq Partners, Palm Ventures, BECO Capital, Access Bridge Ventures, M Capital and DGV.

Why it Matters? Another startup in Saudi Arabia provides procurement and credit solutions but with a different model.

More to Know:

• Mala was founded in 2024 by Musaab Hakami.
• The startup provides a B2B “Procure-Now, Pay-Later” solution.
• Mala’s official launch of the platform is expected in Q4 2024.
• The funds will be used in hiring talents and marketing.
• Musaab Hakami is a partner in VentureSouq, which led the round.