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Hakbah’s $5.1 Million Series A Funding: Revolutionizing Savings in Saudi Arabia

Hakbah, a Saudi Arabian fintech savings platform, has recently raised $5.1 million in a Series A funding round. This investment marks a significant step in the company’s journey, reflecting the confidence of the market in its strategic vision and future expansion prospects.

Overview of Hakbah

Company Background

Founded in 2018 and launched in 2020 by Naif AbuSaida, Hakbah is a pioneering fintech platform in Saudi Arabia. It has rapidly grown to have a customer base of over 500,000 users, primarily aged between 21 and 35 years. The platform stands out for modernizing the concept of traditional group savings, known locally as Jameya, and promoting financial inclusion​​​​​​.

Hakbah’s Mission and Impact

Hakbah’s mission is to revolutionize savings habits in Saudi Arabia, aiming to double the individual savings ratio in the country by 2025. The platform addresses the challenge of low household savings rates and the lack of emergency savings among a significant portion of Saudi citizens. Operating in Saudi Arabia’s $216 billion savings market, Hakbah is recognized for its innovative approach in a region where approximately 70% of the population does not have an emergency savings fund​​​​.

Details of the Series A Funding

Hakbah, a Saudi Arabian fintech savings platform

Funding Round Participants

The $5.1 million Series A round was led by VentureSouq, with participation from new investors M-Capital and Bunat Ventures, and support from existing investors Global Ventures and Aditum Investment Management Ltd. This round brings Hakbah’s total funding to $9 million​​​​​​.

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Use of Funds

The newly acquired capital is earmarked for several key areas:

  • Product Development: A significant focus will be on enhancing the platform’s features, particularly integrating Machine Learning technologies and refining the company’s savings engine.
  • Talent Acquisition: A portion of the capital is dedicated to attracting and nurturing top talent in the region.
  • Regional Expansion: Hakbah plans to enter two new markets in the near future, either via partnership or strategic alliances​​​​​​.

Hakbah’s Role in Saudi Arabia’s Financial Landscape

Tackling the Savings Crisis

Hakbah’s model is crucial in addressing the Middle East’s savings crisis. It supports ‘Saudi Vision 2030’ and the Financial Sector Development Programme, which aim to diversify the country’s economy and boost household savings. The platform’s digitization of traditional group savings practices offers an efficient solution for enhancing financial literacy and savings behavior​​​​.

Technological Innovation

By leveraging machine learning and analyzing customer behaviors, Hakbah aims to develop cutting-edge savings products tailored to the unique needs of its customers. This approach signifies a significant technological advancement in the region’s fintech sector​​.

Supporting Financial Inclusion

Hakbah’s platform integrates seamlessly with existing banking systems, strengthening financial inclusion and offering a digitized version of social savings. This approach enables users to create savings groups with trusted family and friends, fostering a community-based savings culture​​​​.


Hakbah’s successful Series A funding round is a testament to its innovative approach and potential for growth in the MENA region’s dynamic financial services landscape. With its focus on product enhancement, talent acquisition, and regional expansion, Hakbah is well-positioned to lead the transformation of savings habits and financial inclusion in Saudi Arabia and beyond.

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