Hakbah is a technology company.
Hakbah has raised $7.0M across 2 funding rounds.
Hakbah has raised $7.0M in total across 2 funding rounds.
Hakbah has raised $7.0M in total across 2 funding rounds.
Hakbah's investors include Algebra Ventures, DX Ventures, Global Ventures.
Hakbah is a Saudi Arabian fintech startup that modernizes traditional social savings groups, known as "Jameya" or "Jamiya," through a mobile app, providing a secure, digital platform for collaborative saving.[1][2][4] It serves underbanked individuals, particularly focusing on financial inclusion and bridging the gender gap in savings, while aligning with Saudi Vision 2030 and UN Sustainable Development Goals; users form verified groups, automate contributions via bank-linked payments (Mada or Apple Pay), and receive payouts directly to accounts.[1][2][4] The company has raised $8.3M in total funding, including a $5.1M recent round and a $2M pre-Series A, operates under Saudi Central Bank (SAMA) Regulatory Sandbox permission, and graduated from the DIFC Fintech Hive Accelerator in 2019, with 11-50 employees in Riyadh and Dubai offices.[1][2][3][5]
Founded in 2018 as Noon Hakbah Information Technology Ltd. and based in Riyadh, Saudi Arabia, Hakbah emerged to digitize the cultural practice of informal savings groups prevalent in the region.[1][2][5] The idea stemmed from transforming "Jameya"—traditional rotating savings and credit associations—into a compliant, tech-driven solution amid Saudi Arabia's push for financial digitization under Vision 2030.[1][2][4] Early traction included SAMA Regulatory Sandbox approval for testing innovative services, graduation from the 2019 DIFC Fintech Hive Accelerator, and partnerships like with Tarabut for open banking integration, building credibility and enabling secure operations with ISO27001 standards and national ID verification.[1][2][3][4]
Hakbah rides the fintech wave in Saudi Arabia, capitalizing on Vision 2030's Financial Sector Development Program to digitize informal finance and promote cashless societies amid rising smartphone penetration and open banking adoption.[1][2] Timing aligns with regulatory support via SAMA's Sandbox and accelerators like DIFC, enabling safe innovation in a market shifting from cash-based traditions to digital inclusion, where partnerships like Tarabut enhance interoperability.[1][3] It influences the ecosystem by increasing financial literacy, serving millions through collaborative tools, and setting standards for secure social savings, contributing to gender equity and prosperity pathways in MENA fintech.[1][2]
Hakbah is poised for expansion with its funding fueling app enhancements, potential series funding, and deeper Vision 2030 integration, targeting broader MENA rollout via Dubai presence.[1][3] Trends like AI-driven personalization, open banking growth, and regulatory maturation will shape its path, potentially evolving from sandbox tester to full-licensed player influencing regional fintech standards. As Saudi fintech matures, Hakbah's community-first model positions it to lead collaborative finance, empowering underbanked users toward sustained financial wellbeing.[1][2]
Hakbah has raised $7.0M across 2 funding rounds. Most recently, it raised $5.0M Series A in December 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 1, 2023 | $5.0M Series A | Algebra Ventures, DX Ventures, Global Ventures | |
| Apr 1, 2023 | $2.0M Seed | Algebra Ventures, DX Ventures, Global Ventures |