Mala, a fintech startup based in Riyadh, has successfully raised $7 million in a pre-seed funding round led by VentureSouq, with participation from several prominent investors including Beco Capital and M Capital. Founded by Musaab Hakami, a well-known angel investor, Mala aims to transform the procurement landscape for businesses in Saudi Arabia through its innovative buy now pay later platform. This service allows companies to procure goods while deferring payments for 30 to 60 days, addressing a significant gap in the market where suppliers struggle to offer credit due to reliance on personal relationships rather than data-driven risk assessments. By leveraging technology and big data, Mala ensures timely payments to suppliers while providing flexible credit options for buyers. The platform is set to launch within the next two months, and Hakami emphasizes that this funding reflects the team's commitment to reshaping procurement payment processes in the Kingdom.
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