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UAE’s Cashee raises $3M to expand into Saudi Arabia

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Cashee, headquartered in UAE Teen Digital Banking Platform In the MENA region, it has raised $3 million in a Series A round led by Bank of Arab States and ANB Capital.

The strategic agreement with Riyadh Bank ANB will be Cashee Expand In Saudi Arabia, the company said on Sunday.

Brad Whitfield, co-founder of Cashee, said: “Closing our Series A round is an important milestone for Cashee.”

“We think ANB is a great fit for their trusted and prominent brand, broad reach and the fact that they are one of the most prestigious banking institutions in the MENA region. This investment is an ambitious regional expansion plan into Saudi Arabia a part of.”

Dubai-based Cashee was established in 2020 to empower young people Smart Financial Tips and Improve financial literacy in the Middle East and North Africa.

It provides teens with free digital banking apps and prepaid cards to efficiently manage their money, while providing parental controls for their kids’ transactions.

Parents can use the Cashee app to transfer money to their kids, manage chores and have flexible control over how much they can spend.

Venture capital funding for startups A study by Magnitt found that in the first three quarters of 2022, the MENA region will grow 20% annually to more than $2.3 billion and is on track to surpass the total investment attracted in 2021.

Magnitt said Egypt, the UAE and Saudi Arabia maintained the top three positions in terms of financing value and number of deals, accounting for more than 75% of total investment in the MENA region.

It said fintech remained the leading industry during this period, with 94 deals worth $747 million, growing by about three-quarters a year.

Aiedh AlZahrani, Chief Operating Officer and Head of Retail Banking at ANB, said: “The partnership aims to develop a first-of-its-kind banking app in Saudi Arabia to promote financial culture among Saudi youth in a way that encourages savings and financial literacy.”

The fintech startup, founded by Whitfield and Smeetha Ghosh, raised $1 million in a seed round last July.

In March, Casee joined Visa International’s fintech accelerator program, which aims to enhance digital payment solutions for the younger generation.

Digital banking apps allow teens to receive real-time notifications about spending, allocate funds to savings goals, track progress and complete tasks for extra money.

Updated: 10/10/2022 7:02am



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