Hakbah claims to be one of the fastest growing companies in the region.
Hakbah, a Saudi Arabia-based FinTech savings platform, has secured $2m in its pre-Series A funding round, as it looks to bolster its presence in the country.
UAE-based venture capital firms Global Ventures and Aditum Investment Management participated in the funding round, which marks Hakbah’s first institutional capital.
With the fresh capital, Hakbah hopes to deepen its presence in Saudi Arabia, improve the user journey and enhance its savings engine algorithm.
The FinTech company is tackling the Middle East savings crisis. In Saudi Arabia, 70% of people do not have emergency savings and the household savings rate averages at 1.6%, according to Hakbah.
To help address the problem, Hakbah offers social savings to bolster financial inclusion. It claims to be the first cooperative saving platform in Saudi Arabia and has 120,000 active users on the platform.