• Saudi Arabia-based on-demand payment Platform Sanad Cash, Inc. has raised a $1.6 million Seed round with participation from Impact46 seed fund, BIM ventures, Hala ventures, Derayah Ventures, and a number of angel investors in KSA.
• Founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim, Sanad Cash offers small to medium-sized businesses (SMBS) and corporates a SaaS platform to help them track their spending and initiate on-demand payments for employees and others.
• Sanad Cash will utilise this funding round to strengthen its position in the KSA market and hire more people.

Press release:

Saudi-based on-demand payment and spend management platform Sanad Cash, Inc. has raised a $1.6 million Seed round with participation from Impact46 seed fund, BIM ventures, Hala ventures, Derayah ventures, and a distinguished list of angel investors in KSA.

Sanad Cash was founded in 2020 by Sultan Alhugail, Mahmoud Iswiad, and Shorhabel Ghoneim and they are batch one alumni from Sanabil 500 accelerator. Sanad Cash offers small to medium-sized businesses (SMBS) and corporates a SaaS platform to help them track all of their spendings, and initiate on-demand payments for employees and others with just a few clicks.

“Sanad Cash vision is to introduce one a stop shop for all SMBs day to day financials by offering them global standard digital tools at a reasonable cost. 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,” Says Mahmoud Iswiad, co-founder and CEO of Sanad Cash. 

“SMBs are the nerve of our economy and they represent not less than 90 per cent of business and more than 50 per cent of the employment in Saudi Arabia. We are witnessing a real need in KSA SMBs ecosystem to adopt more digital tools and move towards a cashless society which is a main pillar of the kingdom 2030 vision,” Says Sultan Al-Hugial, co-founder and chief commercial officer.

He added, “Our mission is to be the number one enabler for efficient and cost-effective on-demand payment and spend management in Saudi Arabia and the Middle East.

Sanad Cash will utilise its funding round to strengthen its position in the KSA market and acquire new local talents across multiple fronts. 

We are extremely thankful to all of the investors who participated in this round and our legal firm Levari for leading the legal front in this round and the previous pre-Seed round as well.