Saudi fintech LYNK raises undisclosed amount in funding
The funding will enable the company to expand its financial sector reach, both locally and internationally, by introducing more fintech products for financial institutions.
Fintech startup has secured an undisclosed amount in an investment round from Al Fozan Holding and Ramla Holding Group, according to Wamda.
The funding will enable the company to expand its financial sector reach, both locally and internationally, by introducing more fintech products for financial institutions.
“We are determined to establish a strong presence in this developing sector that supports the national economy and enhances the financial services ecosystem," Abdulatif Ali Al Fozan, Chief Operating Officer of Al Fozan Holding, said.
LYNK, launched by BIM Ventures' Saudi Venture Studio in 2023, is automating over $26.66 million in Murabaha transactions, an Islamic financing method where the seller and buyer agree on the cost and markup of an asset.
With a capacity for 15,000 daily transactions valued at over $1.3 billion, LYNK connects financial institutions, commodity markets, and beneficiaries.
“The launch of LYNK serves as a solution that meets the legal requirement that ownership and authorisation be separated between financiers and financed parties, as established by the Islamic Fiqh Council of the Muslim World League and the International Islamic Fiqh Academy (IIFA) of the Organisation of Islamic Cooperation,” said Abdullah Al Sulami, a professor at the Higher Judicial Institute.
“By automating Islamic finance transactions and acting as a link between financing agencies, commodity markets, and financiers in a manner compatible with Islamic Sharia law, LYNK is considered a significant addition to the legitimacy of Saudi Arabian banking," he added.
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Edited by Affirunisa Kankudti
