Saudi Arabia-based financial technology (fintech) startup Hakbah, has raised $1.2 million (SAR 4.5 million) in its seed round.

Founded in 2018, Hakbah looks to digitise traditional savings groups, which aims to increase financial inclusion in Saudi Arabia as well as bridge the gender gap in savings.

Hakbah currently serves 5,000 verified users and aims to add more than 25,000 to its user base in the coming months.

The fresh investment comes six months after the startup obtained the approval of the Saudi Central Bank (SAMA) to launch its commercial services in the Kingdom.

Hakbah graduated from the DIFC Fintech Accelerator Programme 2019 and currently is part of the DIFC Fintech Hive and Fintech Saudi community. 

Back in September 2020, it signed a strategic partnership agreement with Visa and joined the global 'Visa's Fintech Fast Track' programme.