Arib, which is a digital broker for personal loans in Saudi Arabia, has closed a seed investment round totaling $2.3 million.
The deal was led by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia, with participation from angel investors.
Founded in 2019 by Waleed Talaat, Omar Alhammad, and Mohamed Dessouky, the digital broker Arib has developed its first product, “Syaaraat,” an all-in-one platform that provides consumers with auto financing options from different banks and financing companies.
The platform helps people choose the best auto financing options pertaining to their credit profile quickly and easily while increasing sales, lowering costs, and offering access to new clients for banks and car dealerships.
Impact of seed investment round on Arib
This investment will enable Arib to meet the requirement set by SAMA to finalise the licensing process as well as expanding Arib’s portfolio of services to encompass different types of loans, including personal loans, home loans, and credit cards.
Arib will also use this funding to streamline its operations and technology infrastructure.
The CEO and co-founder of Arib, Waleed Talat, said: “The Kingdom of Saudi Arabia is witnessing an unprecedented revolution in technology, and it’s not more apparent than in the fintech space.
“Alongside the accelerated adoption of fintech solutions, SAMA introduced a license for digital brokerages as a supportive activity to financing services. And we are proud to have been granted initial approval by SAMA for the activity of digital brokerage services.
Talat added: “We are happy to close this round as it is a testament to our accelerated growth over the past three years. During this time, we have served over 50,000 clients across all regions in the kingdom. We aim to go forward with this investment by finalising licensing from SAMA and expanding our portfolio of products with more loans to be serviced by our platforms, including personal loans, home loans, credit cards, and more.”
Partnering with Merak Capital
As one of the most prominent technology investors in the Middle East, 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 partner and CEO of Merak Capital, Abdullah Altamami, commented: “We at Merak have always been committed to investing in technologies that play a pivotal role in the region’s digital infrastructure. As such, we are proud to back Arib as it accelerates in digitising hundreds of billions in loans across the Kingdom, and soon the region.
“Under its first product, Syaaraat, Arib is revolutionising how auto-loans are being issued with a more efficient, transparent, and convenient process for consumers, and a more organised operation for its partners in their revenue cycle management.”
Altamami added: “It is truly a game-changer, exemplified by its tremendous traction and exciting product roadmap. This is just the beginning, as Arib launches more products and platforms to digitise billions of dollars in all types of loans, in Saudi Arabia and the region.”
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