CheckRewards expands cash-back services in Saudi Arabia

Artem Ostapenko says his firm intends to popularize the cash-back concept in the Kingdom and to establish CheckRewards as a smart shopping partner. (Supplied)
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Updated 03 February 2024
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CheckRewards expands cash-back services in Saudi Arabia

  • UAE firm’s expansion aimed at enhancing Kingdom’s shopping sector

CAIRO: Saudi Arabia is establishing itself as a regional business hub, drawing startups from various sectors and enhancing its commercial stature. 

The Kingdom’s development has captivated technology entrepreneurs, aiming to streamline the experiences of professionals and trade. 

One of the startups recently drawn to Saudi Arabia is the UAE-based CheckRewards, which has initiated an aggressive expansion plan aimed at enhancing the shopping sector in the Kingdom. 

Founded in 2023 by Artem Ostapenko, CheckRewards leverages machine learning to offer a cash-back service, supported by a $1.2 million investment from the global holding firm, Mitgo Group. 

The inception of the company came about when Ostapenko identified a market gap in the UAE – the absence of cash-back services. This realization led him to develop and launch a minimum viable product, which quickly garnered attention, attracting over 100,000 users within its first month. 

In an interview with Arab News, Ostapenko discussed the company’s ambition to popularize the cash-back concept in the Kingdom and to establish CheckRewards as a smart shopping partner.

Multiplying the benefits 

“We’re planning to launch in the Saudi market by the second quarter of this year, run tests, get initial results and draw conclusions. We are expecting even a bigger cash-back boom in Saudi Arabia than in the UAE, as the market is almost four times bigger and hungry for new technology,” Ostapenko said. 

He further expressed optimism about the potential growth of the Saudi market, stating that the company is currently aligning its goals and strategies to cater to the unique characteristics of the market. 

“In terms of client reach, our projections for CheckRewards’ growth and market share within the Saudi market over the next few years are ambitious. We anticipate a substantial expansion in our user base within the Saudi market, aiming for a two to threefold increase compared to the UAE market,” Ostapenko added.

The company has already started talks and negotiations with two players in the global fintech space, aiming to close strategic partnerships soon.

Strategic growth 

Since its product launch in November, CheckRewards has made a significant presence on both the App Store and Google Play, Ostapenko stated.  

Now, the company is strategically focused on expanding its user base, with a goal to attract a broad and diverse audience. 

We’re planning to launch in the Saudi market by the second quarter of this year, run tests, get initial results and draw conclusions. We are expecting even a bigger cash-back boom in Saudi Arabia than in the UAE.

Artem Ostapenko, CheckRewards

Concurrently, CheckRewards is actively engaged in establishing partnerships with retailers, brands, and restaurants to offer users compelling incentives and promotions. The key pillars of the company’s strategy revolve around three essential metrics, user acquisition, partnership development, and market expansion.  

“To achieve these objectives, the company is preparing for an extensive marketing campaign that includes influencer marketing, precision-targeted advertising, and strategic public relations efforts. Particular attention is being given to attracting Gen Z, women, and expatriates as target demographics, ensuring a comprehensive approach to serving a diverse user base,” Ostapenko explained.

A grander vision 

Currently, CheckRewards aims to establish a robust cash-back category that serves as an additional marketing channel.  

The company views the emergence of new competitors positively, seeing them as contributors to their primary mission of expanding the market within the Middle East and North Africa region, Ostapenko said. 

“Ultimately, CheckRewards aspires to lead the cash-back market in MENA, drawing inspiration from the model’s success as a major traffic source in affiliate marketing in markets such as the US, UK, and some European countries, where it has been implemented for over two decades,” he added. 

However, introducing the cash-back model in a new market presents its own set of challenges, primarily involving the education of both customers and retailers about its value and how to effectively utilize it, he further explained. 

Ostapenko elaborates that that initial skepticism is common, stating: “Customers often doubt the authenticity of receiving money back into their banking account after each purchase, while advertisers unfamiliar with the cash-back model may not immediately grasp its benefits and the potential profit it could bring.”  

Once the market understands and accepts the cash-back concept, Ostapneko explains, CheckRewards plans to innovate further by developing different modifications and new mechanics of the cash-back model, based on ideas the team currently envisions for the future. 

“I believe we stand as one of the pioneers of cash-back in the region, with one of our primary goals being to raise awareness of the model. We aim to educate people about what cash-back is and highlight its potential benefits for them,” he added. 

“Speaking of the MENA market, I think cash-back is a great fit here, there are a lot of expats, who came from other countries where the cash-back mechanic is already popular and people in the region who would like the idea of getting some of their money back from purchases both offline and online,” he said. 

“We aim to be the go-to platform where they can find the best deals every day. The main challenge lies in the fact that the category, along with the term ‘cash-back’ itself, is not as widely recognized in the MENA region compared to other markets,” he added.

Business fundamentals 

CheckRewards leverages machine learning to streamline the cash-back process, using algorithms to verify receipts, ensuring accuracy and preventing duplicates.  

This approach simplifies the user experience and enriches advertiser engagement by offering immediate cash-back and valuable customer interactions.  

“Advertisers benefit from quick onboarding without technical integration and a cost-per-sale payment model, paying only for verified purchases. CheckRewards also provides detailed reports and audience insights, aiding partners in targeting the right customers, boosting sales, and effectively promoting their products,” Ostapenko explained. 

The majority of the company’s revenue stems from its cost-per-sale model, where partners or advertisers incur charges only when users complete purchases via the app. Additionally, CheckRewards enhances its revenue streams through media advertising and lead generation services. 

Ostapenko indicated that the company is well on its way to achieving profitability by next year, with expectations of substantial returns.


Saudi Arabia’s open banking strategy a game-changer

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Saudi Arabia’s open banking strategy a game-changer

  • Initiative enables customers to securely share their data with third parties

CAIRO: Saudi Arabia’s embracing of open banking has transformed the region’s financial ecosystem, according to a top fintech CEO.

In an interview with Arab News, Abdulla Al-Moayed, head of Tarabut, praised the Kingdom’s central bank for its inclusive regulatory impact on the financial sector. 

In May 2022, the institution, also known as SAMA, went live with its open banking initiative, which has altered the future of financial technology in the Kingdom and the wider region.

Open banking is a technological innovation that enables customers to securely share their data with third parties.

“Open banking changes the very nature of relationships across the financial ecosystem for Saudi Arabia and for the region as a whole. This is only a good thing,” said Al-Moayed.

Echoing those sentiments, CEO of US-based fintech MoneyHash Nader Abdelrazik, told Arab News: “Open banking (in Saudi Arabia) will significantly catalyze the relationship between banks and fintech, and it will open up a multitude of business use-cases.” 

He added: “Banking and finance innovation is highly dependent on access and adoption of open data frameworks. Once these frameworks are in place, not only the existing banks and fintechs will collaborate more, but it will also attract more banks and fintechs to expand to the market and embed their solutions.” 

Abdelrazik believes this will increase the economy’s digital sophistication and competitiveness, “but the real winner here is the consumer.”  

In its Open Banking Policy report, SAMA said its initiatives focus on “nurturing the rise of digital technologies and their impact on the new financial services enabled by them, as well as building the regulatory framework needed to adopt these initiatives.” 

The release further stated: “This opens the door to create and offer new financial services. Therefore, SAMA sees open banking as a pivotal role in the further development of the Kingdom’s financial sector.”

Al-Moayed explained that SAMA’s efforts to standardize application programming interfaces or APIs, are enhancing the country’s monetary platforms, which aim to broaden financial inclusion by facilitating secure, seamless, and affordable access to services and advice. 

APIs allow different software applications to communicate with each other, facilitating the integration and sharing of data and functions. 

“Standardized APIs enable interoperability between providers, leading to a more cohesive financial ecosystem,” Al-Moayed said. 

Open banking changes the very nature of relationships across the financial ecosystem for Saudi Arabia and for the region as a whole.

Abdulla Al-Moayed, Head of Tarabut

“This allows for the development of innovative financial services and products that can cater to a wider range of customer needs. By opening access to financial data, these APIs are fostering an environment of innovation, allowing fintech startups to focus on end-user problems; away from the worries of connectivity and access to data,” he added. 

Being one of the region’s leading providers of APIs, Tarabut has set a prime example for others to follow. 

“Our mission is to enable the connections necessary to expand financial inclusion for everyone, by building the infrastructure that enables secure, seamless, and inexpensive financial services and advice. As with all financial and personal data, we should be clear that trust, security, and safety are a non-negotiable part of the process,” Al-Moayed stated. 

Regarding security, the CEO highlighted: “At Tarabut, we take a series of continuous steps to ensure security, such as ensuring that all transactions and data access requests are authenticated using multiple factors to enhance security, as well as the requirements to also employ state-of-the-art encryption standards to protect data during transmission and storage.” 

He further explained: “Data access controls, such as implementing strict controls on who can access specific data and for what purpose, ensure that customer data is not misused.” 

Al-Moayed adde: “There are also continuous and regular compliance checks and audits to ensure that all participants in the open banking ecosystem adhere to the highest security standards and regulatory requirements.” 

He also underscored the collaborative effort with SAMA during the regulatory sandbox period, which showcased the potential of open banking to transform financial accessibility.

Fostering symbiotic relationships 

“Looking at Saudi Arabia, we see a nationwide ambition to promote a symbiotic relationship between banks and fintechs, by enabling data sharing and the adoption of innovative technology solutions,” Al-Moayed said. 

“Banks provide fintech companies with access to valuable financial data with customer consent, and the fintechs and the banks can work together to create more personalized and innovative financial products,” he added.    

Al-Moayed explained that banks looking to partner with a fintech company could lead to new revenue streams and open up customer segments, enhancing their market reach and product offerings — as well as ensuring adaptability and innovation for the young, digitally-native population
of the Kingdom.  

“Together, banks and fintech can reach underserved segments of the population, as well as those who could benefit from improved awareness and access to different services, providing each with the many benefits and impacts that are inaccessible by traditional means,” he said.

Safeguarding consumer data 

According to Al-Moayed, SAMA has established a robust legal framework essential for safeguarding consumer data, which mandates explicit consent before sharing financial information with third-party providers. 

“SAMA have rightfully identified consumer data protection and privacy as crucial for consumer trust and participation,” stated Al-Moayed.  

He elaborated that this approach not only provides consumers control over their personal information but also “gives consumers control over their data, including the right to know how their information is being used and the ability to revoke access at any time, builds trust and encourages participation in the open banking ecosystem,” which is vital for building trust within the banking sector. 

“We believe this is a critical part of the trust-building process for banking customers across Saudi Arabia. By making it clear to people that every person is the true owner of their data, they can feel empowered to make the best access decisions for their personal needs,” he added.

A smooth transition 

As the Kingdom transitions toward open banking, traditional banks are seizing the opportunity to redefine their roles.  

“We have been hugely impressed by the vision and appetite for transformation from banks across the Kingdom,” Al-Moayed expressed.  

He explained that financial institutes are transitioning from being mere custodians of customer funds to becoming more integral participants in their customers’ financial lives. 

“The banks we partner with truly see open banking as so much more than a new series of regulations to comply with,” he said. 

“Recognizing the value of innovation brought by fintech startups, like ours, many banks are forming partnerships and collaborations to leverage the best available technology to enhance their offerings,” Al-Moayed added. 

MoneyHash’s Abdelrazik stated that traditional banking will continue to thrive and be active, at least in the short term.  

“But with the rise of open banking and numerous opportunities in the fintech sphere, banks implementing a robust digital strategy, and leveraging strategic alliances with fintechs, can be much more competitive and agile to this dynamic market,” he added.


Moody’s affirms Kingdom’s A1 credit rating with positive outlook

Updated 32 min 35 sec ago
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Moody’s affirms Kingdom’s A1 credit rating with positive outlook

  • The rating affirmation is based on Moody’s assessment of the government’s significant progress
  • It is also based on the track record of macroeconomic and fiscal policy effectiveness

RIYADH: Moody’s, the global credit rating agency, has affirmed Saudi Arabia’s credit rating at ‘A1’ with positive outlook, reported the Saudi Press Agency on Saturday.
The rating affirmation is based on Moody’s assessment of the government’s significant progress achieved in implementing broad-based reform agenda since 2016.
It is also based on the track record of macroeconomic and fiscal policy effectiveness that will support the sustainability of the economic diversification.
Furthermore, Moody’s expects the continued implementation of large diversification projects in Saudi Arabia will support nonhydrocarbon real GDP growth as they are designed to be modular and commercialized in phases.
The international credit rating agency further mentioned that the positive outlook is a reflection of the reforms and investments in various nonoil sectors that will, over time, lead to a material decline in the Kingdom’s economic and fiscal reliance on hydrocarbons.
Moreover, the agency touched on the country’s large economy, improving institutions and policy effectiveness, robust balance sheet and large foreign currency buffers.


Point-of-sale spending in Saudi Arabia hits record $16bn, SAMA reveals

Updated 24 May 2024
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Point-of-sale spending in Saudi Arabia hits record $16bn, SAMA reveals

RIYADH: Food and beverages transactions helped drive point-of-sale payments in Saudi Arabia to a record SR59.68 billion ($15.91 billion) in March, official data has revealed.

Figures released by the Saudi Central Bank, also known as SAMA, show an 8 percent annual increase in spending across all sectors, with outlays during the holy month of Ramadan likely responsible for driving the uptick, alongside an expanding market with flexible payment options.

Spending on food and beverages in March made up the largest portion, accounting for 17 percent of total payments for the month. 

Expenditures on restaurants and cafes, along with miscellaneous goods and services, each represented 12 percent of overall spending.

In February, Redseer Strategy Consultants predicted a heightened eagerness among consumers in Saudi Arabia to explore new attractions and destinations during Ramadan.

Their survey, probing changes in shopping behavior for Ramadan 2024 compared to the previous year, revealed that 62 percent of Saudi respondents planned to increase their spending, surpassing the 48 percent of respondents from the UAE.

The report highlighted that this surge is driven by factors related to platforms and experiences, particularly flexible payment options and the launch of exclusive products of high quality.

The research showed that in the UAE, where the market has matured, consumers are placing a growing emphasis on affordability, prioritizing products with the lowest prices.

Factors such as product variety, fast delivery, and quality no longer serve as significant brand differentiators, as the market has leveled the playing field.

Conversely, in Saudi Arabia, a market experiencing growth, there is a notable focus on platform and experience-related aspects. Flexible payment options and strong customer support are becoming increasingly important, indicating a shift in consumer preferences.

According to data from SAMA, the primary drivers of growth during this period were increased spending on miscellaneous goods and services, which include personal care supplies and cleaning products.

This category represented the second-highest share of March spending at 12 percent, having grown by 28 percent to reach SR7.06 billion. This growth accounted for 36 percent of the overall annual increase in POS spending.

The second-highest contributor to the rise is clothing and footwear, with an increase that contributed 26 percent to the overall growth, reaching SR5.8 billion in March. This was followed by food and beverages, contributing 13 percent, with spending reaching around SR10 billion, marking a 6 percent increase from the same month last year.

Research from Redseer indicated a strong inclination among Saudi respondents towards purchasing groceries, fashion, and beauty or personal care products during the month of Ramadan.

According to the survey, 93 percent of respondents were open to buying groceries, 84 percent to buying fashion, and 72 percent to buying beauty and personal care products.

This period is often associated with heightened social engagements, hospitality, and generosity, leading to increased consumer spending on food, gifts, and charitable donations. Additionally, businesses often offer special promotions and discounts during Ramadan, further stimulating consumer spending.

In Saudi Arabia, there has been a notable shift towards online payments and digitalization, driven by the country’s commitment to providing cutting-edge technologies for its tech-savvy population.

With the rise of e-commerce accessibility and the increasing convenience of online shopping platforms, consumers are opting for digital transactions more than ever before. This trend is not only reshaping the retail landscape but also significantly impacting consumer behavior.

The ease of comparing prices and product options online has empowered consumers, fostering increased competition among retailers and ultimately driving down expenses.

As a result, the adoption of digital payment methods continues to grow rapidly, reflecting a fundamental shift in how transactions are conducted in Saudi Arabia’s dynamic and rapidly evolving marketplace.

One challenge that arises with this growth is the proliferation of fraudulent sites and platforms attempting to deceive interested users. During Ramadan and Eid Fitr, the increase in retail and online transactions provides more opportunities for cybercriminals.

These fraudulent entities have targeted major Saudi platforms by creating fake websites designed to intercept two-factor authentication or one-time passcode codes.

According to Cyber Security News, this sophisticated phishing tactic aims to bypass security measures and gain unauthorized access to victims’ accounts.

Consumers are therefore strongly advised to avoid sharing personal and payment information on questionable sites or with individuals posing as bank or government employees.

Reporting suspicious resources to local law enforcement and designated contacts within these organizations is crucial in helping to mitigate potential fraud risks.


Nearly all Gazans in poverty, Palestinian Authority facing ‘imminent fiscal collapse’ - World Bank

Updated 24 May 2024
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Nearly all Gazans in poverty, Palestinian Authority facing ‘imminent fiscal collapse’ - World Bank

RIYADH: Nearly every Gazan is living in poverty as the Israel-Hamas war continues to have a “devastating impact” on the Palestinian economy, according to the World Bank.

An analysis by the organization sets out how the economic consequences of the conflict have spread beyond Gaza and into the West Bank, with widespread unemployment and underemployment combined with inflation causing a rapid decline in purchasing power for households in both areas.

Nearly half a million jobs across the territories have been lost since October 2023, and per capita gross domestic product declined by 12 percent in 2023.

Israel has bombarded the densely populated Gaza Strip following the Oct. 7 Hamas attack on Israeli communities. Israel says Hamas killed some 1,400 people including children, and took more than 200 hostages, some of them infants and older adults.

The fiscal situation of the Palestinian Authority has dramatically worsened, according to the World Bank, with a financing gap expected to reach $1.2 billion heightening the risk of disorderly adjustments and a potential imminent fiscal collapse.

In May 2023, the World Bank forecast the Palestinian economy to grow about 3 percent by the end of the year, after a 4 percent post-COVID-19 boost in 2022.

That analysis has been completely reversed by the conflict, with the organization now forecasting the Palestinian economy will contract anywhere between 6.5 percent and 9.4 percent during 2024. 

“The northern governorates of Gaza are experiencing a full-blown famine, with food insecurity reaching catastrophic levels, particularly in the northern areas and extending southward,” said the World Bank’s latest report, adding: “At least one in four Gazan is experiencing catastrophic hunger, and 95 percent of the population is suffering from food insecurity.”

Most children in Gaza are at risk of “stunting” because of the famine, the analysis added.

Reflecting on the economic impact of the conflict, the report said the outlook of the Palestinian territories for the full year of 2024 “remains highly uncertain, depending on the severity and duration of the conflict, changes in Israeli policies in the West Bank, including those related to access to the Israeli labor market, and the outcome of the clearance revenue dispute.” 

The Palestinian Authority is facing a significant decrease in clearance revenue transfers and shrinking domestic resource mobilization, coupled with a rigid current expenditure envelope, the World Bank said.

“The PA’s financing gap after aid for 2023 reached $682 million or 3.9 percent of GDP, and the situation is expected to worsen further in 2024, with a potential financing gap of up to $1.2 billion. A focus on fiscal policies, especially those improving spending efficiency, particularly regarding the unsustainable wage bill and enhancing tax mobilization, must remain a top priority in the reform agenda,” said the report.

The World Bank argued that the banking sector across the territories is “well regulated” by the Palestine Monetary Authority, which has “steadily been building the capabilities and resilience of local banks.”

The report added: “Presently, the banking system is well capitalized, liquid, and compliant with the Capital Adequacy Requirements set by the PMA. At the same time, institutional and economic difficulties are tilting the risks upward for the financial sector. Actively avoiding further instability is crucial to allow the financial sector to maintain its established function as a stable pillar during periods of economic challenges.”


Startup Wrap – regional startup activity flourishes  

Updated 24 May 2024
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Startup Wrap – regional startup activity flourishes  

CAIRO: The startup ecosystem in the Middle East and North Africa region saw a flurry of activity as venture investments and acquisitions bloom. 

Saudi Arabia-based Software-as-a-Service provider Merit has raised $12 million in its pre-series B funding round, led by Alistithmar Capital i-Cap and followed by existing series A investors Tech Invest Com and Hambro Perks Oryx Fund. 

Founded in 2016 by Julie Barbier-Leblan and Thrishan Padayachi, Merit assists businesses in increasing customer and employee engagement via a suite of cloud-based SaaS platforms, enterprise solutions, applications, and software.  

This new round will help Merit develop its technology to enhance customer engagement. In 2021, Merit raised $5 million in a series A round led by Saudi Arabia’s Impact46, along with Tech Invest Com, Arzan VC, Hambro Perks Oryx, and several regional angel investors. 

Riyad Capital launches 1957 Ventures to support digital transformation 

Riyad Capital, backed by Riyad Bank, has launched the 1957 Ventures investment fund to drive transformative growth in Saudi Arabia’s fintech sector. 

The fund aims to accelerate the Kingdom’s digital transformation by creating opportunities for innovative fintech business models. 

Abdullah Alshwer, CEO of Riyad Capital, stated, “The 1957 Ventures Fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals; this fund signifies a strategic investment in the future of Saudi fintech.”  

“Our institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact,” he added. 

Saudi logistics startup MDD closes $1.3m series A round 

Saudi Arabia-based logistics startup MDD has closed its series A round with $1.3 million in funding for a 5 percent stake with a valuation of $26 million. 

Founded in 2019, MDD provides supply chain solutions for businesses. 

Saudi startup Sorbet’s raises funding round from web3 VC Adverse 

Saudi web3 startup Sorbet raised an investment round from the Kingdom’s recently announced venture capital firm Adverse. 

Founded by Rami Djebari and Maher Ayari, Sorbet aims to simplify business processes for freelancers by cutting fees and intermediaries. 

“Receiving support from an experienced partner like Adverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region,” Djebari said. 

Egyptian fintech e-Finance acquires stakes in Al Ahly Momken and EasyCash 

Egypt-based fintech e-Finance for Digital and Financial Investments has acquired a 25 percent stake in Al Ahly Momken and a 13 percent stake in EasyCash for Digital Payments for an undisclosed deal value. 

Founded in 2005, e-Finance is involved in the development of digital payment infrastructure and digital space to help achieve social development goals.  

Al Ahly Momken, based in Egypt, is a digital payment provider, serving over 90,000 merchants and more than 5 million customers.  

Meanwhile, EasyCash, also based in the north African country, provides payment services for individuals, merchants, and businesses. 

These acquisitions align with e-finance’s strategy to expand its footprint in the digital payments market and support Egypt’s Vision 2030 for digital transformation. 

Egypt’s OneOrder closes $16m series A round 

Egypt-based logistics startup OneOrder has raised $16 million in a series A round in a mix of equity and debt, led by Delivery Hero Ventures, with participation from Norrsken22 and existing investors, Nclude and A15. 

Founded in 2022 by Tamer Amer and Karim Maurice, OneOrder is a tech-enabled supplier and wholesale distributor that offers the food and beverages industry a supply of quality goods with embedded financing.  

The company plans to expand into the Gulf Cooperation Council region by the fourth quarter of 2024. In December 2022, OneOrder closed a seed round at $3 million. 

Jordan’s fintech liwwa takes $5m loan 

Jordan-based fintech liwwa has secured a $5 million loan from the US International Development Finance Corp.. 

Founded in 2013 by Ahmed Moor and Samer Atiani, liwwa is a peer-to-peer lending network that connects investors and small businesses through smart business loans.  

The latest cash influx will enable liwwa to finance further small and medium sized enterprises across various sectors. Liwwa’s last funding round was in 2022, when it raised $18.5 million in a pre-series B round of equity and debt. 

Egyptian investment bank EFG Hermes acquires stake in Danish wealth management firm 

Egypt’s investment bank, EFG Hermes, a subsidiary of EFG Holding, has acquired a minority stake in the Danish digital wealth manager Kenzi Wealth for an unknown value. 

The new partnership will enhance EFG Hermes’ digitalization vision. By combining EFG Hermes’ client network and Kenzi Wealth’s AI tools, EFG Hermes will be able to offer its clients a more efficient and personalized investment experience.  

Founded in 2021 by Mohamed El-Masri, Kenzi Wealth specializes in tailoring investment features to meet the needs of investors. 

Mohamed El-Masri, founder of Kenzi Wealth. Supplied

UAE’s Plain Tiger raises funding round 

UAE-based business-to-business marketplace Plain Tiger has raised an investment from UAE’s venture capital firm AngelSpark for an undisclosed amount. 

Founded in 2021 by Alexandra Polson and Oliver Baillie, Plain Tiger connects hotels with eco-friendly suppliers, saving them time, money, and reducing their environmental impact.  

The investment is part of Plain Tiger’s $1.5 million seed round, which will be used to expand into Saudi Arabia and accelerate more hotels’ pathway to net zero procurement. 

UAE’s Revent closes $900k in pre-seed round 

UAE-based electronics marketplace Revent has raised $900,000 in a pre-seed round, provided by Techstars and a group of angel investors. 

Founded in 2022 by Baldeep Singh and Dhananjay Choubey, Revent offers SMEs pre-owned devices on monthly subscriptions across the UAE and Saudi Arabia.  

The funds will be used to build a self-service platform for businesses, along with growing Revent’s client base in Saudi Arabia. 

UAE’s proptech Keyper closes $4m equity round 

UAE-based proptech Keyper has raised $4 million in equity in a pre-series A round, led by BECO Capital and Middle East Venture Partners, with participation from existing investors Vivium Holding, Jabbar Group, Signature Developers, and new investors Annex Investments, Pin Investment, and Al Qahtani Investment, among other angels. 

The company has also received an additional $30 million in Shariah-compliant sukuk financing from global asset manager Franklin Templeton Investments Ltd., bringing its cumulative capital raised to-date to over $40 million.  

Founded by Omar Abu Innab and Walid Shihabi in 2022, Keyper offers a property management platform where tenants can track their expenses and charge online, and investors get real estate portfolios and access to data-driven insights.  

Keyper will invest the fresh funds into digitizing the rental experience in the UAE and scaling its innovative rent now, pay later solution. Last October, Keyper raised a $6.5 million seed round. 

UAE’s proptech Huspy raises investment round 

The app of proptech firm Huspy. Supplied

UAE-based property technology firm Huspy has raised a fresh investment round led by Balderton Capital, with further participation from existing investor Fifth Wall, amongst other investors. 

Founded in 2020 by Jad Antoun and Khalid Ashmawy, Huspy facilitates the home buying and financing process through its online marketplace.  

The company claims that this round of funding is at a higher valuation than the $37 million series A raised in 2022. The newly acquired capital will be deployed to build a super app for real estate. 

Egypt’s proptech Birdnest raises pre-series A round 

Egypt-based proptech Birdnest has closed an undisclosed pre-series A funding round for a 20 percent stake in the company, led by Beltone Venture Capital and CI Venture Capital. 

Founded in 2020 by Mostafa El-Nahawy and Ahmed Fadda, Birdnest offers furnishing services and rental management solutions to ensure maximum returns for real estate investors and value for tenants.  

The funds are earmarked for the expansion of the regional quality team, the enhancement of proprietary technologies, and marketing initiatives to reinforce Birdnest’s market position.