Startup Wrap – SAMA grants licenses to two fintechs to provide open banking services; Zywa prepares to launch in Saudi Arabia

CAIRO: The Saudi Central Bank has granted licenses to two Saudi-based fintech startups, Lean Technologies and Mod5r, to provide open banking solutions.

Bringing the total number of authorized companies operating under its regulatory SandBox to 38, SAMA – as the central bank is also known – is currently working on the development and implementation of a high-level network to implement open banking solutions across the Kingdom.

Founded in 2019, Lean Technologies is the first technical services provider to be approved by the SAMA SandBox and is dedicated to helping fintech companies create the next generation of financial services.

Mod5r was founded in 2020 as it provides a mobile application allowing users to have all their financial transactions in one place.

UAE-based fintech Zywa has raised $3m in seed funding as it prepares to launch in Saudi Arabia in early 2023

Zywa, a UAE-based fintech that offers a gamified community banking app, raised $3 million in a seed funding round from venture capital firms Goodwater Capital, Dubai Future District Fund, Rebel Fund, Trampoline Venture Partners and Zemu VC.

Backed by one of the world’s largest venture capital firms, Y-Combinator, the company aims to use its acquired funding to support product development, accelerate growth in the United Arab Emirates and Egypt, and launch in Saudi Arabia. in early 2023, Wamda reported.

Founded in 2021, Zywa raised a $1 million pre-seed round in February 2022, with the company currently valued at around $30 million.

UAE-based logistics startup Cargoz receives undisclosed funding from Saudi Arabia’s Nama Ventures

Cargoz was founded earlier this year (provided)

UAE-based logistics startup Cargoz has secured pre-seed funding from Saudi Arabia-based venture capital firm Nama Ventures.

The company connects small and medium-sized businesses looking for storage space with warehousing companies that have additional capacity.

Founded in 2022, Cargoz will use its acquired funding to launch its easy-to-use platform for SMBs and warehousing companies.

Pakistan’s Mahaana Wealth Raises $2.1M in Pre-Seed Funding Round

Mahaana Wealth, a Pakistan-based digital wealth management firm, raised $2.1m in a pre-seed funding round led by Swedish investment firm Vostok Emerging Finance.

The company has received regulatory approval from the Securities and Exchange Commission of Pakistan to launch its investment management services.

Founded in 2021, the company is the first and only digital asset manager in Pakistan and will use its acquired funding to meet regulatory capital requirements, MAGNiTT reported.

UAE-based startup Huspy acquires two mortgage brokers Just Mortgages and Finance Lab

UAE-based proptech startup Huspy has announced the acquisition of two mortgage brokers, Just Mortgages and Finance Lab, to improve the home buying ecosystem in the region.

“Joining Huspy is a dream come true. I can now be confident that my deep banking knowledge and experience is backed by the best technology and strong talent,” Just Mortgages founder Ramesh Khemani said in a statement.

The CEO and Founder of Finance Lab said, “This partnership will allow us to further accelerate our business and add more value to our customers and partners.”

Huspy was established in 2020 with the goal of simplifying the home finance industry by providing buyers with market-leading financing offers, MAGNiTT reported.

Qatar-based sports tech Sponix Tech receives an undisclosed amount of investment from Britain’s Aser Ventures

Doha-based sports tech startup Sponix Tech has received an undisclosed amount of investment from UK-based Aser Ventures.

Founded in 2020, Sponix Tech provides solutions and services to leagues, clubs, broadcasters and advertisers to increase viewership and improve fan experience.

The company will use its acquired investment to drive growth and technology as Aser Ventures leverages its global network, Wamda reported.

Egyptian SubsBase Subscription Management Platform Raises $2.4M in Seed Funding Round

SubsBase was founded in 2020 (Provided)

Egypt-based subscription management platform SubsBase has raised $2.4 million in a seed funding round led by venture capital firm Global Ventures.

The round also saw the participation of other venture capitals such as HALA Ventures, P1 Ventures, Plus Venture Capital, Plug and Play, Ingressive Capital, Camel Ventures, Falak Startups and Arzan Venture Capital.

Stating that it is the first and only subscription management platform for the MENA region, Mohamed M. Farag, co-founder and CEO of SubsBase, said, “We have a first-mover advantage and a solid business model that is trusted by our esteemed investors.

Founded in 2020, the company will use its funding to accelerate product development to meet customer demands as well as bolster its expansion strategy in the MENA region.

SubsBase is a cloud-based subscription management and billing platform that empowers recurring revenue-based businesses.