SNB Capital, the largest asset manager and investment bank in the region, has announced its role as lead investor in a series “A” investment round of SAR 65 million for Malaa Technologies, a Saudi fintech company.
Commenting on the investment, SNB Capital CEO Rashed Sharif said, “This investment aligns with one of our strategic objectives to invest in fintech companies and help raise the standards in wealth management. It shall further contribute to enhancing the technological infrastructure of Saudi Arabia’s financial services, in alignment with the Kingdom’s wider ambitions.”
The success of this round demonstrates a healthy investor appetite for Saudi based robo-advisory and open banking technology services, which provide clients with access to advanced technology and data-driven insights that support their decision-making and long-term financial planning.
This investment underscores SNB Capital’s commitment to providing the best solutions in wealth management to meet the rising aspirations of its clients. It also highlights SNB Capital’s key role in supporting the goals of Vision 2030’s National Fintech Strategy, which aims to establish 525 fintech companies, create 18,000 fintech-related jobs, contribute SAR 13.3 billion (USD 3.5 billion) to Saudi Arabia’s GDP, and attract SAR 12.2 billion (USD 3.2 billion) in foreign investment into the sector by 2030.
