UAE fintech Yabi closes $8M in seed funding round
Powered by localisation, Yabi offers two monthly courses delivered by Saudi market experts in both English and Arabic, and is now fully operational in the UAE and KSA markets.
UAE-based fintech has raised an $8-million funding round to invest in product development and regional expansion, with Al Wafra Al Thanya (Wafra II) joining the existing investors, as per Wamda.
Founded by Souqalmal, Yabi is a localised personal finance platform and was launched in Saudi Arabia in November this year. Powered by localisation, it offers two monthly courses delivered by Saudi market experts in both English and Arabic, and is now fully operational in the UAE and KSA markets.
“Saudi Vision 2030 aims to increase financial literacy and saving levels in the Kingdom. With approximately 30% of Saudis considered financially literate, and a savings ratio of 1.6% of annual disposable income, these goals aim to fill gaps in financial literacy and individual economic involvement, ensuring unprecedented growth in the Kingdom," Ambareen Musa, chief executive, Yabi.
The startup aims to enhance financial literacy in regional markets through B2B partnerships with corporate clients as part of their employee well-being programs.
It has clients such as Al-Futtaim, Careem, Chalhoub, and Al Ghurair.
“We believe that any future for fintech must include efforts to spread financial awareness. Therefore, its investment in Yabi to bring its platform to the Saudi market aligns with its core purpose to play a role in raising the level of financial education, build up investments and savings and therefore contribute to Saudi Arabia’s digital GDP,” said Salah Khashoggi, Managing Director of Al Wafra Al Thanya.
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Edited by Kanishk Singh