Saudi fintech Lite raises $3.2 million pre-seed to construct a funds platform 

Riyadh-headquartered fintech Lite has raised $3.2 million in a pre-seed funding spherical led by Scene Holding, with participation from a number of angel traders. The corporate is at the moment within the means of acquiring an digital cash establishment (EMI) license from the Saudi Central Financial institution.

Based by Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil, Lite goals to turn out to be a number one cost options supplier in Saudi Arabia, providing companies a complete suite of economic companies. The founding group brings important expertise from the funds trade to their new enterprise.

The startup plans to develop options targeted on innovation, scalability, and localization, aiming to drive monetary inclusion and improve cost ecosystems within the Kingdom. This aligns with Saudi Imaginative and prescient 2030’s goals of accelerating digital transformation and selling a less-cash society.

Fahad Anteet, CEO of Lite, stated, “We’re deeply grateful to our traders for his or her belief in our imaginative and prescient. This funding marks a serious step ahead in our mission to supply companies with seamless, safe, and scalable cost options tailor-made to the Saudi market.”

Sultan Ghaznawi, chairman and managing director at Scene Holding, famous the founding group’s experience and imaginative and prescient as key components of their funding determination, expressing confidence in LIte’s potential to influence Saudi Arabia’s fintech sector.

The corporate will use the funds to construct its expertise infrastructure whereas working in direction of acquiring the EMI license that may allow it to totally function throughout the Kingdom.

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