Saudi-Arabia based fintech startup Wafeer, has raised an undisclosed amount in a pre-Seed funding round led by Nama Ventures, with participation from RAI group, WomenSpark, and a number of angel investors.

Founded in 2019 by Abdulaziz AlJasser, Ahmed Ramadan, and Salah AlBassam, Wafeer is a personal finance management app that has received approval from the Saudi Central Bank (SAMA) to operate in the Kingdom as a part of the SAMA Regulatory Sandbox in 2020.

The platform is the first licensed Saudi based app that tracks users’ expenses either through direct connectivity with the banks or text messages, aiming to raise awareness and help individuals understand their spending behaviour better. 

According to a statement from the company, the pandemic has accelerated digital transformation and the use of digital payment solutions, and plans to be one of the first to benefit from the Open Banking System that the regulator plans to introduce.

“This round came as a result of investors’ confidence and team efforts to accelerate the objectives of the next phase. We are looking forward to attracting global and local talents, improving our product, and increasing marketing efforts to reach more than 250,000 customers in this current year. We also aim to be the leading Fintech brand in the Middle East” said Abdulaziz Aljasser, CEO of Wafeer. 

Mohammed Alzubi, the General Partner of Nama Ventures said: "We first met the Wafeer team in August of 2020.  The first thing that stood out for us was how complementary was the skillsets of the team, with real role clarity from the get go.”