Saudi fintech startup Lite secures $3.2 million in pre-seed funding for the development of a payments platform.
In an exciting development for the Saudi Arabian fintech sector, Riyadh-based startup Lite has raised $3.2 million in a pre-seed funding round. The funding round was led by Scene Holding and involved several angel investors.
Founded by Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil, Lite brings significant experience from the payments industry to the table. The founding team's goals align with Saudi Vision 2030's objectives of accelerating digital transformation and promoting a less-cash society.
Lite aims to become a leading payment solutions provider in Saudi Arabia, with a focus on driving financial inclusion and enhancing payment ecosystems in the Kingdom. The company is in the process of obtaining an electronic money institution (EMI) license from the Saudi Central Bank, a significant step towards achieving its objectives.
The startup's plans include developing solutions focused on innovation, scalability, and localization. These goals are in line with the broader objectives of the Kingdom's fintech sector, which is rapidly growing and leading regional funding. In 2021, Saudi Arabia raised $969 million in 20 fintech transactions, reflecting strong investor interest and sector expansion.
Riyadh hosts several fintech startups, including Hakbah, which focuses on financial wellness and savings for underbanked populations, showcasing how fintechs contribute to the national strategy. Although Lite specifically is not mentioned, the broader context suggests that Riyadh-based fintech companies are benefiting from this surge in funding, regulatory support, and strategic focus, accelerating fintech innovation and adoption in Saudi Arabia.
Fahad Anteet, CEO of Lite, expressed gratitude towards the investors for their trust in the company's vision. As Lite moves forward, it is poised to make a significant impact on the Saudi Arabian fintech sector, contributing to the country's digital transformation and financial inclusion goals.
Stay tuned for more updates on Lite and the exciting developments in the Saudi Arabian fintech sector. If you're interested in more targeted information about Lite fintech or updated data from other sources, feel free to ask!
Technology will play a crucial role in Lite's plans to develop scalable and locally relevant solutions. The company's focus on innovation equals Saudi Arabia's aim to lead regional fintech growth, backed by a recent surge in funding and regulatory support.
