Saudi fintech lite secures $3.2m in pre-seed funding

Co-founders of lite Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil.
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Updated 27 February 2025
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Saudi fintech lite secures $3.2m in pre-seed funding

Saudi-based fintech startup lite has announced the successful closure of its pre-seed funding round, raising a total of $3.2 million. The round was led by Scene Holding, with participation from prominent angel investors, marking a significant milestone in lite’s journey to redefine the payments ecosystem for businesses in Saudi Arabia.

Established by three seasoned co-founders with vast experience in payments — Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil — lite is on a mission to become the leading payment solutions provider in the Saudi market, offering businesses a full-fledged suite of financial services to meet all their payment needs. With a strong focus on innovation, scalability, and localization, lite is committed to driving financial inclusion and enhancing the efficiency of payment ecosystems in the Kingdom. This is in line with Saudi Vision 2030’s goals of accelerating digital transformation and promoting a less-cash society.

Currently, lite is in the process of obtaining an electronic money institution license from the Saudi Central Bank, which will enable the company to fully operate and deliver its comprehensive suite of payment solutions to businesses across the Kingdom.

“We are deeply grateful to our investors for their trust in our vision and to the Saudi Central Bank, Fintech Saudi, and key ecosystem enablers for their support in fostering fintech innovation. This funding marks a major step forward in our mission to provide businesses with seamless, secure, and scalable payment solutions tailored to the Saudi market,” said Anteet, CEO of lite. “As we work toward obtaining our EMI license, we remain committed to innovation, compliance, and localization — empowering businesses and accelerating the shift toward a digital, less-cash economy in alignment with Vision 2030.”

“We are thrilled to support lite on its journey to reshape the payments ecosystem in Saudi Arabia,” said Sultan Ghaznawi, chairman and managing director, Scene Holding “The founding team’s expertise, vision, and commitment to innovation align perfectly with our investment philosophy at Scene Holding. We believe lite has the potential to drive meaningful impact in the fintech sector, empowering businesses and contributing to the Kingdom’s digital transformation goals.”


Jeeny launches First–Last Mile Access in partnership with Medina Bus

Updated 19 December 2025
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Jeeny launches First–Last Mile Access in partnership with Medina Bus

Jeeny has announced the introduction of its First-Last Mile Access Program in collaboration with Medina Bus, marking a significant step forward in Saudi Arabia's transportation reform. 

Passengers who buy a Medina Bus ticket can now get discounted Jeeny rides to and from key bus stops, making public transportation more accessible for both residents and pilgrims.

While the initiative appears modest, it represents a far wider vision: the first operational phase of Jeeny's goal to develop Saudi Arabia's next-generation Integrated Mobility Platform, an integrated framework that will eventually connect numerous modes of transportation under one seamless consumer experience.

Medina was chosen as the launch location because of its national importance and growing demand for efficient transportation. 

In 2024, the city's bus network handled 1.72 million people, and demand is predicted to increase further in 2025. 

Medina, being one of the Kingdom's most popular destinations, provides a real-world setting for evaluating concepts that can then be scaled across the country.

“This marks the beginning of a mobility shift in Saudi Arabia, where public transport and private operators can work together to offer a seamless journey,” said Hammad Ehtesham, CEO of Jeeny. “Making it easier for people to reach public transport is the foundation of a future where every mode of mobility in the Kingdom connects effortlessly.”

With millions of rides every year in Saudi Arabia and Jordan, Jeeny has developed into one of the top mobility platforms in the area. 

The company, which employs over 400 people and has one of the biggest active driver networks in the Kingdom, is currently getting ready for its next stage: a nationwide mobility ecosystem that will support buses, ride-hailing, micro-mobility, pilgrim mobility services, and end-to-end travel solutions, including direct flight booking through Jeeny.  

Despite the fact that Medina's First-Last Mile initiative is relatively new, early feedback shows that users are really interested in more accessible transportation options. 

Similar First-Last Mile initiatives can increase public transportation usage by 15 to 25 percent, according to international research, underscoring the wider potential impact as Jeeny considers expanding to more Saudi cities.

“What begins in Medina will become a blueprint for the Kingdom’s connected mobility future,” Ehtesham added. “This is the first step toward a nationwide ecosystem that will make movement simpler, smarter, and more accessible for everyone.”

Passengers on Medina Bus are now able to make use of the Jeeny First-Last Mile Access Program, which supports Saudi Arabia's vision for contemporary, sustainable, and inclusive mobility while providing a new, more convenient means of accessing public transportation.