• Saudi Arabia-based fintech startup Madfu has raised $25.5 million (SAR 95 million) in a pre-Series A round led by Afaq Capital, with participation from angel investors.
• Founded in 2022 by Abdullah Al-Ibrahim, Ahmed Al-Wusheel, and Anas Al-Shaqir, Madfu provides Sharia-compliant BNPL solutions that allow consumers to split purchases into up to six interest-free instalments.
• The company will deploy the funding to expand its merchant network across Saudi Arabia, enhance its technology infrastructure, and develop new Islamic finance-aligned products, as it strengthens its position within the Kingdom’s rapidly growing digital payments ecosystem.

Press release:

Madfu, a Saudi-based fintech startup specialising in Buy Now, Pay Later (BNPL) solutions, has raised SAR 95 million ($25.5 million) in a Pre-Series A funding round led by Afaq Capital, with participation from a group of angel investors.

Founded in 2022 by Abdullah Al-Ibrahim, Ahmed Al-Wusheel, and Anas Al-Shaqir, Madfu provides transparent, interest-free payment solutions that enable consumers to split purchases into up to six instalments without hidden fees. The company operates under a licence from the Saudi Central Bank (SAMA), reinforcing its position within Saudi Arabia’s regulated fintech ecosystem.

Madfu's platform enhances affordability, boosts conversion rates, and fosters customer loyalty for both consumers and merchants. By integrating directly with merchant systems, the company enables seamless digital checkout experiences while maintaining compliance with Islamic finance principles and regulatory standards.

The newly secured capital will support Madfu’s next phase of growth, including expanding its merchant network across Saudi Arabia, strengthening operational infrastructure, and enhancing its technology stack. The company also plans to invest in product development to introduce new Sharia-compliant financial solutions tailored to evolving consumer needs.

As Saudi Arabia’s fintech sector continues to expand under Vision 2030, BNPL services have seen accelerated adoption driven by e-commerce growth and shifting payment preferences. With regulatory backing, fresh capital, and a growing partner ecosystem, Madfu aims to play a central role in advancing flexible, compliant digital payment solutions across the Kingdom.