Fintech StartUp Sanad Cash Raises $1.6M In SEED Round

January 27, 2022 | 2 minutes read

Saudi-based Fintech StartUp Sanad Cash is disrupting the on-demand pay and expense management for enterprises in the Middle East.

Sanad Cash aims to make a mark in the fintech market by providing on-demand expense management for middle eastern enterprises. The region of the middle east is the third most favorable to launch a fintech startup in 2022. 

This is one of the main reasons that Fintech startups are fetching huge investments. Such as Sanad Cash which has scored $1.6M in the seed round to kick start its startup.  The funding comprised prominent investors like impact46, BIM ventures, Hala ventures, Derayah ventures, and a distinguished list of angel investors in KSA.

The global fintech market is expected to expand exponentially and by the end of this year will reach $26.5 trillion. This is mainly because of the ease and convenience the fintechs have provided especially to small businesses and startups. The subscription-based services have also consolidated the future of fintech. Other than this, the Neo banking apps (also considered part of the fintech industry) are also forecasted to grow in numbers.

Fintech startup founded in 2020 by Mahmoud Iswiad,  Sultan Alhugail, and Shorhabel Ghoneim offers a SaaS platform to small to medium-sized businesses. This incorporation of the SaaS platform aids them to track all their spending, initiate on-demand payments for employees and others with just a few clicks. The startup aims to be the top destination for on-demand pay and expense management systems in our region by offering global standards financial products with the least cost across all corporate sizes.

Because of the propagation of financial inclusion, many fintech themes have increased the investor’s interest in Saudia Arabia over the past year. With the inclusion of crediting solutions, payment solutions, and payment gateways. 

The fintechs are disrupting the banking system and are transforming the global finance sector. This sector in coming is forecasted to grow exponentially.