Saudi Fintech company Sindbad Tech secures SAR18 million to expand autonomous financial solutions
Sindbad Tech, a fintech company based in Saudi Arabia, has successfully closed a SAR18 million ($4.8 million) seed round, led by Alkhabeer Capital. The funding round, which took place on the sidelines of Money20/20 Middle East, also included investments from Vision Ventures and Raed Ventures.
This significant funding round is set to support the scaling of Sindbad Tech's innovative fintech solutions, playing a crucial role in the development of Saudi Arabia's digital financial infrastructure. The funding highlights the role of fintech in positioning the Kingdom as a leading regional fintech hub.
Sindbad Tech, originally founded as a research project exploring financial market movements, has evolved into a fintech company focused on developing cutting-edge investment solutions. The company aims to serve both individuals and enterprises with its fintech solutions, and plans to develop advanced technologies to enhance transaction efficiency.
The move aligns with Saudi Vision 2030 objectives to drive innovation and accelerate digital transformation. The funding round underscores investor confidence in autonomous finance, and positions Sindbad Tech as a key player in the Kingdom's digital financial development and innovation drive.
Alkhabeer Capital is the lead investor in Sindbad Tech's seed round. The funding will support the growth and development of Sindbad Tech's fintech services, as the company continues to work towards its goal of developing advanced technologies that enhance transaction efficiency.
The funding round supports the development of Saudi Arabia's digital financial infrastructure, a critical aspect of the Kingdom's economic growth and modernization. With Sindbad Tech at the forefront, the future of fintech in Saudi Arabia looks promising.
