Saudi Arabia-based financial services provider Arab National Bank (anb) has agreed to invest in Cashee, according to the press release posted on Zawya.
The value of the investment, which was part of Cashee’s Series A, was not disclosed.
According to The National, the teen-focused platform has raised $3 million in a Series A led by anb and ANB Capital.
Cashee is a UAE-based fintech specializing in developing a banking and financial education platform for young customers.
Anb’s investment will enable the fintech to launch its banking and financial education offerings, apps and products in Saudi Arabia.
anb hopes to leverage Cashee’s platform to support its banking outreach activities targeting a younger audience while expanding the reach of financial literacy and inclusion.
Aiedh AlZahrani, anb’s Chief Operating Officer and Head of Retail Banking Group, said: “The strategic partnership agreement with Cashee is another step in the bank’s digital transformation journey which aims to strengthen banking initiatives. in the area of financial technology and digital banking and to expand the reach of financial inclusion.
“The partnership between anb and Cashee aims to develop the first banking app of its kind in Saudi Arabia that promotes financial literacy among young Saudis, in a way that will encourage savings, financial literacy and other worthwhile goals, as the bank’s contribution to achieving one of the main goals of Vision 2030.”
Cashee, headquartered in Dubai, was founded in 2020 and offers a free digital banking app, prepaid card and parental controls over transactions.
Cashee Co-Founder Brad Whittfield said, “The closing of our Series A funding represents a significant and important milestone for Cashee. We see ANB as an ideal fit given its trusted and leading brand, broad presence and being one of the most prestigious banking institutions in the Mena region. This investment is part of an ambitious regional expansion plan in Saudi Arabia.