The startup will use its fresh funds to cement its position in the Saudi Arabia market by acquiring new local talents and developing its technologies.
MENA’s fintech sector is on the rise, accounting for 30 percent of all capital deployed across emerging venture markets in 2021. Saudi Arabia is no exception, having recorded its highest number of deals for any industry in the whole kingdom. One fintech stirring investor interest is on-demand payment and spend management platform, Sanad Cash. It has just raised a $1.6 million seed round that saw participation from Impact46 seed fund, BIM ventures, Hala ventures, Derayah ventures, and strategic angel investors. It will utilise its fresh funds to cement its position in the Saudi Arabian market by acquiring new local talents and developing its technologies.
Since its founding in 2020 by Sultan Alhugail, Mahmoud Iswiad and Shorhabel Ghoneim, Sanad Cash has been on a mission to become the leading payment-focused fintech in the Kingdom. A batch one alumni of the Sanabil 500 accelerator, Sanad Cash offers an innovative SaaS platform to SMBS to track and centralize spending and streamline on-demand payments.
The fintech strives to empower SMEs by giving them power over their money circulation according to Co-Founder and CEO Mahmoud Iswiad. “Our partnerships with existing financial institutions will help us to introduce what we call an all-in-one new financial system that includes a corporate card, a spend management software, and a business account in one easy dashboard.”
SMBs make up a significant chunk of KSA’s economy but struggles with a number of issues including high turnovers with running costs on a daily basis. Sanad is set on tackling the challenges of managing day-to-day financials by offering a fully-integrated platform equipped with the latest global standard digital tools.