Fintech startup Mala has successfully raised $7 million in a pre-seed funding round led by VentureSouq, the company announced on Saturday. The round saw participation from several prominent regional investors, including Beco Capital, M Capital, Access Bridge Ventures, Palm Ventures, Shorooq Partners, Waad Investment, and D Global Ventures.
Founded earlier this year by Musaab Hakami, one of the region’s most active angel investors, Mala aims to revolutionise procurement financing for businesses through its Buy Now, Pay Later (BNPL) platform. The fintech company offers flexible payment terms, currently set at 30 and 60 days, allowing businesses to defer payments for goods and services across various channels—whether online, over the phone, or in-store.
Musaab Hakami, who has over 100 angel investments to his name, previously held the role of General Partner at VentureSouq’s fintech fund. He stepped down earlier this month to focus on leading Mala and now serves as a Venture Partner at the fund. In discussing the challenges suppliers in the Kingdom face in extending credit to businesses, Hakami highlighted that traditional methods often rely on personal relationships rather than thorough risk assessments. Mala’s platform leverages technology and big data to address these inefficiencies, ensuring prompt payments to suppliers while providing buyers with flexible, transparent credit terms.
“This funding is a testament to the hard work and dedication of our fantastic team,” said Hakami. “We are on a mission to redefine how companies manage procurement payments, and this investment brings us one step closer to making that vision a reality.”
The company plans to officially launch the platform within the next two months, marking a significant step forward in enhancing procurement financing in the region.