News
Saudi Arabian Fintech Hakbah Partners With Tawuniya Insurance
The duo plans to revolutionize financial savings in the Kingdom while revealing an extensive life insurance coverage plan for Hakbah members.
Saudi fintech savings platform Hakbah has announced a revolutionary partnership with national insurance company Tawuniya at 24Fintech in Riyadh.
The strategic alliance will shake up the financial savings landscape in Saudi Arabia and address a significant gap in the market by offering Hakbah customers comprehensive life insurance during their Jameya time.
Key benefits will include:
- Extensive insurance coverage, including Death of Any Cause (DAC) to Passive War Risk (PWR).
- Enhanced financial security that lets customers focus on saving without worry.
- Alignment with Saudi Arabia’s Vision 2030 to support the government’s goal of boosting savings rates and promoting financial inclusion.
Hakbah founder Naif AbuSaida has expressed his enthusiasm for the collaboration, stating:
“We are thrilled to partner with Tawuniya to provide our customers with unparalleled financial security through life insurance coverage for all Hakbah’s members during the Jameya duration. Hakbah prides itself on its unyielding commitment to savings, driven by cutting-edge savings-engine technology. We look forward to exploring more collaboration with Tawuniya to benefit our customers and unleash the full potential of increased financial savings”.
Mohammed Bin Salma, Senior Executive Director for Life Sector of Tawuniya, added:
“The new partnership with Hakbah builds on Tawuniya’s commitment to promoting a culture of financial savings in the Kingdom, especially among the youth segment that constitutes the majority of the country’s population. Tawuniya […] will expand its reach to new horizons and cater to a broader customer base. By offering insured products, Tawuniya empowers individuals across every segment to embrace a positive savings culture”.
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With around 70% of Saudi citizens requiring more emergency savings and household savings rates averaging just 1.6%, Hakbah hopes to make a lasting impact on this $20.5 billion market. The company is growing rapidly and has already exceeded its total revenue for 2023 in the first half of 2024. With a user base of 750,000+ and strategic partnerships with Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is now extremely well-positioned to continue its impressive growth.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
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