Saudi Arabia's First Sharia-Compliant Peer-to-Peer Lending Platform, MoneyMoon, Secures $2.9M in Pre-Series A Funding to Increase its Reach
In a significant development for the digital banking landscape in Saudi Arabia, MoneyMoon, a Sharia-compliant peer-to-peer (P2P) lending platform, has secured $2.9 million (SAR 11 million) in its pre-Series A funding round.
Founded in 2023 by Abdulmajeed Alaskar, MoneyMoon's primary objective is to boost financial inclusion and deliver innovative, secure digital banking experiences. The company's goals align with Saudi Vision 2030 objectives to foster innovation and grow the financial sector in Saudi Arabia.
The funding round, led by Core Vision, a leading investor, was also participated in by family offices and angel investors. This investment underscores the growing interest in digital banking and financial technology solutions in Saudi Arabia.
MoneyMoon's financing structure is based on Murabaha, a Sharia-compliant financial transaction, making it the first platform in Saudi Arabia and the region to enable direct, Sharia-compliant P2P lending.
Core Vision's investment in MoneyMoon signifies their confidence in the platform's potential to deliver on its objectives. Besides Core Vision, other financial supporters of MoneyMoon include SpeedInvest and 468 Capital.
MoneyMoon's innovative approach to Sharia-compliant P2P lending is expected to contribute to the growth and modernization of the financial sector in Saudi Arabia. The platform leverages machine learning to accurately assess creditworthiness, offering short-term financing solutions with instant approvals and flexible investment opportunities.
Operating under the Saudi Central Bank's regulatory sandbox, MoneyMoon's successful funding round will enable the company to further develop its platform and expand its services. This funding round marks a significant step for MoneyMoon in its mission to revolutionize the digital banking landscape in Saudi Arabia.
The broader support from family offices and angel investors also indicates a growing interest and confidence in MoneyMoon's vision. MoneyMoon's primary objective is to enhance financial inclusion and provide innovative, secure digital banking experiences, making it an exciting player in the Saudi Arabian financial technology scene.
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