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.”


Jameel Observatory-CREWSnet advances climate resilience in Bangladesh

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Jameel Observatory-CREWSnet advances climate resilience in Bangladesh

The Jameel Observatory Climate Resilience Early Warning System Network, an initiative co-founded by the Massachusetts Institute of Technology and Community Jameel to reinvent climate change adaptation in vulnerable communities into a proactive, integrated and evidence-based process, announced the launch of its Adaptation Fortress initiative, transforming existing cyclone shelters and providing protection from heat waves in Bangladesh for the first time.
The first Adaptation Fortress is under construction in Satkhira district, southwest Bangladesh. If this pilot is successful, the initiative will open a pathway, with additional funding, to scaling up to 1,250 Adaptation Fortresses providing heatwave relief to half a million of the region’s most vulnerable residents.
More than 30 million people live in southwestern Bangladesh. Between 2019 and 2021, including in the midst of the COVID-19 pandemic, multiple cyclones hit the region, devastating land, homes and entire communities. The threats posed by climate change — rising sea levels and more extreme weather — mean that people living in this region are likely to face similar crises in the years ahead. In addition to cyclones, extreme heat is a growing threat, putting people at risk of dehydration and heatstroke. In 2024, the UN found that heat waves caused nationwide school closures for two weeks, with some schools closing for six to eight weeks due to the combined impact of heat waves and flooding.
In Bangladesh, the Jameel Observatory-CREWSnet has used its mid-century climate projections and analysis of local human systems to design a pilot for a multi-purpose, multi-objective structure called an Adaptation Fortress.
By engaging extensively with local communities, the Jameel Observatory-CREWSnet, which includes among its partners BRAC, a global nongovernmental organization established in Bangladesh, is demonstrating a new model of climate adaptation that repurposes schools that are also cyclone shelters to serve as sanctuaries during extreme heat events.
The climate resilient shelter model is the first of its kind in Bangladesh and serves as a blueprint for infrastructure development across South Asia. Designed to protect the most vulnerable community members during government-declared heat emergencies, Adaptation Fortresses feature solar power generation and battery backup systems to ensure the shelter is resilient to outages during extreme heat conditions. The site also includes rainwater harvesting capacity and is designed so that excess energy generated when air conditioning is not in use is made available for community use.
Mohammed Abdul Latif Jameel KBE, founder and chairman of Community Jameel, said: “The Jameel Observatory-CREWSnet’s construction of this first pilot Adaptation Fortress marks a milestone for Bangladesh and the region. It lays the foundation for a proactive response to cyclones and heat stress — emergencies that the team has projected will become frequent events, threatening the lives of millions in Bangladesh. By adapting infrastructure today, we are building the resilience needed for tomorrow.”
Professor Elfatih Eltahir, lead principal investigator of the Jameel Observatory-CREWSnet, said: “Bangladesh built a vast network of cyclone shelters that have been effective in protecting vulnerable populations. For the first time the Jameel Observatory-CREWSnet is introducing the concept of shelter from heat waves as well as cyclones in southwest Bangladesh. This integrated and proactive initiative will significantly improve climate resilience in a region with some of the highest risks from climate change.”
Dr. Deborah Campbell, executive director of the Jameel Observatory-CREWSnet, said: “Bangladesh is getting hotter and will experience more frequent and severe heat waves, leaving many people very vulnerable to heat stress and lacking the resources to adapt. The Adaptation Fortress initiative will provide shelter for the most vulnerable community members in southwest Bangladesh and has the potential to serve as a model for similar proactive climate resilience infrastructure development across Bangladesh and South Asia.”
Dr. Md Liakath Ali, principal investigator of the Jameel Observatory-CREWSnet at BRAC, said: “BRAC is proud to partner with the Jameel Observatory-CREWSnet in pioneering the Adaptation Fortress initiative, an important step toward protecting vulnerable communities from the growing risks of extreme heat in coastal Bangladesh. By transforming existing cyclone shelters into multi-purpose, climate-resilient infrastructure, we are demonstrating how locally grounded solutions can address emerging climate hazards while strengthening community well-being. Alongside the pilot, we are committed to engaging policy makers so that future heat and climate risks are integrated into national planning processes. The lessons from this initiative will not only support communities in the southwest, but also inform long-term, scalable strategies for resilience across the country.”