Saudi B2B 'Procure Now, Pay Later' Platform Mala Secures $7 Million
Considered Saudi Arabia’s first B2B Procure-Now, Pay-Later’ platform, Mala has secured $7 million in pre-seed funding backed by Shorooq Partners and others.
Mala, a B2B platform based in Saudi Arabia, has $7 million in a pre-seed funding round led by VentureSouq and Shorooq Partners.
Founded in 2024 by Musaab Hakami, Mala aims to solve the long-standing credit challenges that SMEs face in the region. Saudi Arabia's economy, with a GDP surpassing $1 trillion, still relies heavily on traditional credit systems, often leaving suppliers strapped for cash while awaiting payments. Mala's ‘Procure-Now, Pay-Later’ model allows buyers to access flexible credit terms while ensuring suppliers receive upfront payments.
“Suppliers in Saudi Arabia often struggle to extend adequate credit to buyers, as the traditional system relies more on established relationships than comprehensive credit risk evaluations,” Musaab Hakami, Founder and CEO of Mala, tells StartupScene. “Mala harnesses data-driven insights to reshape this dynamic, enabling suppliers to be paid upfront while offering buyers flexible payment options tailored to their needs.”
With a pre-launch pipeline already set to exceed $100 million in transactions, Mala is set to launch in late 2024.
Related Articles
Trending This Week
-
Nov 09,2024 -
-
-
SceneNow TV
Events Calendar
