Saudi Digital Financing Marketplace Arib Raises $23.5M
Arib raised $23.5 million in a funding round led by Merak Capital to expand its digital financing platform in Saudi Arabia. The round included Sharia-compliant Murabaha financing facilities. Founded in 2018 by Omar Alhammad, Mohamed Dessouky, and Waleed Talat, Arib operates a digital marketplace connecting users with banks and licensed lenders through a single online platform.
Customers can compare financing offers and submit applications based on their financial profiles. The raise follows a $2.3 million seed round completed in 2022, also led by Merak Capital. Arib said the capital will fund technology upgrades, operational expansion, and new financing products targeting consumers and small businesses.
The investment reflects broader momentum in Saudi Arabia's fintech ecosystem as the Kingdom advances financial modernisation under Vision 2030.
- Growing embedded lending infrastructure in MENA signals maturing fintech ecosystem aligned with Vision 2030
- Aggregator models connecting borrowers with multiple licensed lenders could reshape consumer and SME lending in the region