Malaa, authorized by the Saudi Arabian Central Bank's regulatory sandbox and a leading wealth management company in Saudi Arabia, has announced that it has successfully completed its Series A funding round, raising an investment of SAR 65 million ($17.3 million). The funding round was led by SNB Capital, the Kingdom's largest asset manager, with participation from Derayah Financial, Khwarizmi Ventures, Impact46 and WKN.
On this occasion, Malaa co-founder and CEO Ali Aloraini said: "Since we joined the regulatory sandbox, we have continuously developed with the guidance and support of the fintech lab of the Central Bank of Saudi Arabia and the Financial Markets Authority. This round of funding will allow us to strengthen the readiness of our compliance, governance and cyber security systems to ensure the stability of our services, protect customer data and fight fraud."
Faisal Alqarni, co-founder and chief strategy officer of Malaa, added: "This funding round demonstrates the confidence of the Kingdom's largest asset managers in our vision and goals. Through these funds, we will deliver high-quality and innovative wealth to efficiently and effectively achieve our clients' financial goals." we aim to offer management products."
This investment reaffirms Malaa's commitment to providing the best solutions in the field of wealth management. The company continues to be a leader in this field by introducing new investment and savings products as well as various features and services to meet the needs and dreams of its customers.
