Riyadh-headquartered fintech Mala has raised $7 million in a pre-seed round led by VentureSouq, it announced in a statement on Saturday. The round was also joined by Beco Capital, M Capital, Access Bridge Ventures, Palm Ventures, Shorooq Partners, Waad Investment, and D Global Ventures.
Mala was founded earlier this year by Musaab Hakami, one of the most active angel investors in the region, with over 100 investments in recent years. Previously, he was a General Partner at VentureSouq’s fintech fund, a role he left earlier this month. He now serves as a Venture Partner at the fund.
The Saudi fintech is building a buy now pay later platform for businesses, allowing them to procure goods and defer payment. According to its website, Mala currently offers 30- and 60-day payment terms. It supports purchases across all channels: online, over the phone, and in-store.
Musaab Hakami, the founder and CEO of Mala, explained that suppliers in the Kingdom often face challenges in offering credit to businesses, as traditional methods rely on relationships rather than thorough risk assessments. Mala addresses this by using technology and big data, ensuring suppliers are paid promptly while providing buyers with flexible credit terms that meet their needs.
Commenting on the investment, he said, “This funding is a testament to our fantastic team’s hard work and dedication. Together, we’re on a mission to redefine how companies manage their procurement payments, and this investment brings us one step closer to making that vision a reality.”
The platform will launch within the next two months, according to a statement by the firm.
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