Kholoud Hussein 

For much of its history, artificial intelligence was an elite technology — the preserve of deep-pocketed corporations and advanced research labs. Building an AI model from the ground up required vast datasets, specialized hardware, and teams of highly skilled engineers and data scientists. For a startup working with tight budgets and even tighter timelines, AI was often an unattainable dream.

That landscape is changing fast. AI-as-a-Service (AIaaS) is rewriting the rules, allowing companies to rent advanced AI capabilities from cloud-based platforms, much as they would subscribe to software through Software-as-a-Service (SaaS). Instead of spending months — or years — developing proprietary systems, startups can plug directly into pre-trained models, scale them on demand, and pay only for the computing power and services they use.

This shift is democratizing access to one of the most transformative technologies of our time — and giving young companies a fighting chance to compete with established industry giants.

What is AI-as-a-Service?

At its core, AIaaS is the delivery of artificial intelligence functions via the cloud, on a subscription or pay-per-use basis. The services can include:

• Machine Learning Platforms for training predictive models.
• Computer Vision APIs for object detection, image recognition, and video analytics.
• Natural Language Processing (NLP) for chatbots, sentiment analysis, and language translation.
• Generative AI Tools that produce text, images, audio, or code based on user prompts.

These capabilities are offered by major cloud providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud, as well as by specialized AI companies targeting niche needs.

For startups, the appeal is clear: instead of investing heavily in infrastructure and talent, they can integrate AI through a few lines of code and focus their limited resources on innovation, customer acquisition, and scaling.

Why AIaaS Matters for Startups

Startups thrive on speed, adaptability, and the ability to outperform their competitors. AIaaS directly supports these priorities in several ways:

1. Lower Barriers to Entry
Traditional AI development demands substantial capital, technical expertise, and time. AIaaS reduces these barriers by providing ready-made solutions that even non-technical teams can integrate into their products.

2. Faster Time-to-Market
A startup building a voice recognition feature or a fraud detection system can implement AIaaS in weeks rather than months or years, enabling them to launch features rapidly and iterate based on user feedback.

3. Scalability
AIaaS operates on flexible, cloud-based infrastructure. As a startup grows, it can scale AI usage up or down depending on demand, without worrying about costly hardware upgrades.

4. Continuous Improvement
Providers regularly update their AI models with the latest advancements, giving startups access to cutting-edge capabilities without ongoing research and development costs.

Strategic Considerations

While AIaaS offers clear advantages, startups need to approach it strategically:

• Data Privacy: Sensitive customer data must be handled in compliance with regulations, especially when processed through third-party services.
• Vendor Lock-In: Building products heavily dependent on a single provider’s ecosystem can make future transitions expensive and risky.
• Customization Limits: Off-the-shelf AI solutions may not fully address highly specific or complex problems.

Balancing the convenience of AIaaS with the need for long-term flexibility is essential to avoid costly pivots later.

The Bigger Picture

AIaaS is part of a broader trend toward the “as-a-service” economy, where complex capabilities are delivered via subscription rather than ownership. Just as SaaS made enterprise-grade software accessible to startups, AIaaS is making advanced AI tools available to companies at any stage of growth.

For early-stage ventures, this levels the playing field, enabling them to innovate at the same technological pace as far larger competitors. For more mature startups, it can accelerate entry into new markets and support rapid product diversification.

The underlying truth is simple: AI is becoming as essential to modern business as the internet was two decades ago. With AIaaS, the question is no longer whether a startup can afford to use artificial intelligence — but whether it can afford not to.

Mohammed Ramzi

The traditional savings scheme known in Egypt as the ‘Gameya’ is one of the oldest and most widely practiced saving methods among Egyptians. In this arrangement, a group of individuals each contributes a fixed sum of money on a monthly basis, with participants taking turns to receive the pooled total. Internationally, this model is referred to as a Rotating Savings and Credit Association (ROSCA).

Amid the rapid evolution of Egypt’s financial technology sector, several startups have emerged to digitize this long-standing practice, with digital platforms playing a central role in the collection and periodic disbursement of funds.

Among these innovators, Money Fellows has distinguished itself as Egypt’s first startup dedicated to the digital transformation of the ‘Gameya’ model. Since its establishment in 2017, the company has modernized this traditional system, contributing significantly to the promotion of a digital savings culture across the country.

Following the successful closure of a recent $13 million funding round, Money Fellows intends to expand into new North African markets—beginning with Morocco—while also enhancing its operational infrastructure and attracting high-caliber talent to strengthen its team capabilities.

Sharikat Mubasher spoke with Ahmed Wadi, Founder and Chief Executive Officer of Money Fellows, to discuss the company’s expansion strategy and reflect on its milestones to date.

Money Fellows was among the first companies to digitize the traditional ‘Gameya’ model in Egypt. What market need inspired the creation of this platform? Was it based on prior research or experience?

The decision to launch Money Fellows stemmed from a genuine and widespread need within Egyptian society. Millions of people participate in ‘Gameya’ as a means of saving, yet such a practice has historically been informal and lacked protective safeguards.

Our objective was to digitize this social mechanism by creating a legal, secure, and transparent platform for ‘Gameya’ management. We provided every participant with a credit score, clear contractual agreements through a user-friendly mobile application, all operating under the supervision of the Central Bank of Egypt.

The founding journey of any startup is often challenging. What was the most difficult stage in your early days, and how did you address the issues of limited trust and funding?

Securing our first funding round was among the most challenging stages, particularly given that we were introducing a novel concept with no precedent in the local market.

We invested significant effort in persuading investors of our business model’s viability. In parallel, obtaining the necessary regulatory approvals posed another major hurdle. Establishing a well-defined legal framework was essential to ensuring maximum credibility and reassurance for our users. Ultimately, we succeeded in building a solid foundation for growth.

After several years in operation, what is Money Fellows’ primary ambition for the next five years? Do you plan to evolve into a full-service financial platform?

Certainly. While we began as a platform focused exclusively on ‘Gameyas’, our vision is now to become a comprehensive financial partner for all our users. Our user base has grown from approximately 4.5 million at the end of 2022 to over 8.5 million at present.

We are committed to broadening our service offerings and enhancing the value we provide. Earlier this year, in January, we introduced a prepaid card, representing another step toward delivering an integrated suite of financial services tailored to our users’ needs and aspirations.

What is your current base of active users, and what is your annual transaction volume?

We now serve more than 350,000 monthly active users, with monthly transaction volumes reaching several billion Egyptian pounds. This represents significant growth compared to the past two years, driven by increased user confidence, continuous improvements to the user experience, and the introduction of value-added services such as the prepaid card.

In the coming phase, will your focus be on acquiring new users or deepening engagement with existing customers?

Both objectives are equally important. We are committed to enhancing the customer experience by actively incorporating user feedback and expanding loyalty programs. Our goal is to increase Customer Lifetime Value (CLV)—the long-term revenue or profit generated per customer—which will help us maintain strong relationships with our existing user base.

Having recently raised $13 million, how do you plan to allocate this capital? Is regional expansion a priority?

Our investment plan is anchored in three main pillars:

1. Enhancing the user experience: Developing a more intelligent, faster, and intuitive mobile application.
2. Regional expansion: Morocco will serve as our first expansion market. We are currently collaborating with local regulatory authorities with the aim of launching officially before the end of the year. This will be followed by entry into additional markets in North Africa, Sub-Saharan Africa, and South Asia.
3. Strengthening infrastructure and human capital: Recruiting top-tier talent to support technical operations, regulatory compliance, and strategic partnerships.

How do you assess the competitive landscape in Egypt? What differentiates Money Fellows from competitors such as MNT-Halan and Kashat?

Egypt’s fintech sector has matured and diversified considerably. Money Fellows’ key differentiator is our focus on collective savings as a highly effective gateway to financial inclusion, supported by our strong adherence to transparency, regulatory compliance, and legal security.

We do not issue direct loans. Instead, we foster a culture of digital group saving that builds trust among participants. Our business model is based on the circulation of funds between users themselves. The ROSCA system is founded on social capital rather than dependence on the cost of capital, allowing us to offer lump-sum disbursements at highly competitive rates compared to conventional consumer finance models.

How do you view Egypt’s investment climate? What challenges persist despite increased government support?

The funding environment has improved markedly. Between January and May 2025, Egyptian startups secured $228 million in investment, an increase of 130% over the same period in 2024.

Egypt now ranks as the fourth-largest recipient of startup funding in Africa, and has risen from 81st to 11th place globally in terms of entrepreneurship ecosystem development.

Nevertheless, significant macroeconomic challenges remain, including inflation, currency depreciation, and elevated interest rates. These factors place additional strain on startups and make sustained, stable growth more difficult to achieve.

To conclude, by transforming the traditional ‘Gameya’ saving model through technology, Money Fellows has redefined the culture of collective saving in Egypt. With the confidence of its investors—underscored by its recent $13 million funding round—the company is poised to enter a new chapter of regional expansion, beginning with Morocco, and to deliver more technology-driven financial solutions across Africa and beyond.

Translation by: Ghada Ismail

Kholoud Hussein

In the high-velocity world of startups, where ideas can fade as quickly as they emerge, the early choices founders make often determine their long-term trajectory. In Saudi Arabia, those decisions now carry even greater weight. The Kingdom’s startup scene is no longer in its infancy; it is a carefully constructed ecosystem, shaped by deliberate policy, abundant early-stage capital, and an increasingly competitive talent pool.

At the heart of that ecosystem lies a question that has become pivotal for founders: Should you build your company within the slower, methodical environment of an incubator, or the intense, sprint-driven atmosphere of an accelerator?

This is not merely a matter of preference — it’s a matter of strategic fit, one that could mean the difference between scaling into a regional leader or stalling after the first funding round.

A Market in Motion

Venture capital activity in Saudi Arabia has been climbing at an unprecedented pace. The Kingdom led the MENA region in funding during the first half of 2025, securing roughly $860 million, a staggering 116% jump from the previous year. This surge has been driven by both sovereign wealth–backed initiatives and a more robust private investment landscape.

Behind the scenes, institutions like Monsha’at, the Small and Medium Enterprises General Authority, have been building the scaffolding to support this growth. Their accelerator programs, alongside other state-led initiatives, are designed to connect founders not only to funding but also to the mentorship and regulatory guidance that can make or break an early-stage venture.

As one senior official at Monsha’at said: “We are not just funding startups; we are trying to engineer a complete landscape where ventures can overcome early barriers and scale sustainably.”

Two Models, Two Mindsets

The choice between an incubator and an accelerator is not arbitrary — it’s rooted in the very DNA of how a startup plans to grow.

Incubators are the long game. They provide the time and resources to refine an idea, test a prototype, and navigate complex challenges like intellectual property filings or sector-specific regulations. For deep-tech founders in areas like AI, clean energy, or medtech, where timelines are measured in years rather than months, this slower burn can be the only viable path. The incubators linked to KAUST, for example, have been instrumental in transforming research projects into investable companies.

Accelerators, in contrast, thrive on urgency. They are built for startups that already have a minimum viable product (MVP) and are ready to push aggressively into the market. These programs compress months of networking, customer acquisition, and fundraising into an intense 3–6 month sprint. The Misk Accelerator, which has helped more than 200 startups, exemplifies this approach. Founders emerge not only with sharper business models but also with investor introductions that could take years to cultivate on their own.

One fintech founder described the experience, stating: “The mentor network and direct introductions to regulators were worth more than the seed funding itself.”

The Reality of Performance

If you look purely at early-stage momentum, accelerators seem to have the edge. MAGNiTT’s data shows a high conversion rate from accelerator graduation to seed funding in Saudi Arabia, especially in sectors like fintech and SaaS. Demo days, with their packed rooms of angel investors and VC representatives, offer unmatched visibility.

But incubators deliver a different kind of value — one that can be harder to measure in the short term. They may not produce as many pitch-ready companies in a single year, but the ones they do graduate often have stronger intellectual property, deeper product differentiation, and more strategic corporate partnerships.

Still, both models face the same systemic challenge: a scarcity of growth-stage capital. Founders often talk about the “Series B gap” — a chasm between the seed and early Series A rounds, which accelerators help secure, and the multi-million-dollar checks needed to truly scale. As one accelerator alumnus put it: “We had every investor’s attention at demo day. Twelve months later, when we needed $10 million to expand, the room was empty.”

Sector-Specific Choices

Not every industry benefits equally from each model.

In fintech and consumer applications, accelerators often provide the fastest route to market, offering regulatory coaching — especially with SAMA’s sandbox programs — and direct connections to potential enterprise clients. One fintech founder credited their accelerator with “fast-tracking conversations with two major banks,” which would have been nearly impossible without a warm introduction.

For AI, clean technology, and advanced manufacturing, incubation is often the smarter bet. These sectors require lab access, patient capital, and technical validation before commercial scaling is even possible. Healthtech startups, for example, may need years to secure regulatory approvals, making a short accelerator sprint premature.

Building the Missing Link

The truth is, the most effective ecosystems don’t force a binary choice between incubation and acceleration — they create a seamless pipeline from one to the other.

Saudi Arabia has made progress here. Monsha’at’s national programs aim to link incubation, acceleration, and funding into one continuous journey. Private programs like Flat6Labs are experimenting with follow-on funds to keep supporting graduates beyond their initial sprint.

Yet, the gap in Series B and growth-stage funding remains a pressing concern. Without institutional investors willing to write larger checks, promising startups risk plateauing just as they hit their stride. This is where policy incentives — co-investment schemes, risk guarantees, and targeted sector funds — could be game changers.

Guidance for Founders and Policymakers

For founders, the rule is simple: match the program to your stage and sector, not to its brand name. If you’re still iterating on your product, consider joining an incubator that can provide you with the time and technical expertise you need. If you’re ready to enter the market, choose an accelerator with the right network and investor connections. And always check the post-program pipeline — a strong alumni network and follow-on funding support can be just as important as the initial experience.

For policymakers, the priority should be integration. That means ensuring that incubators feed accelerators, accelerators feed growth funds, and that all of it aligns with the Kingdom’s broader industrial strategy. As one ecosystem leader put it: “A startup’s journey is not a series of disconnected steps; it’s a continuous build-up. If we break that chain, we waste both capital and talent.”

The Road Ahead

Saudi Arabia has the rare advantage of building its startup ecosystem in an era when the playbooks from Silicon Valley, Singapore, and Dubai are already written. It can borrow the best ideas and avoid the pitfalls.

The incubator–accelerator debate isn’t about which model will “win.” It’s about how each can be deployed strategically to create a balanced, high-output pipeline. Accelerators will continue to drive early visibility and investor access; incubators will remain critical for deep, defensible innovation.

If these two models are aligned — and backed by a stronger growth capital market — the Kingdom could see not just more startups, but more scale-ups that can hold their own on the global stage. 

Ghada Ismail

If you’ve ever clicked that “return item” button after buying something online, you’ve already taken part in reverse logistics, even if you didn’t know the term existed.
For startups in Saudi Arabia and across the MENA region, this behind-the-scenes process isn’t just a technical detail. It’s quietly shaping customer loyalty, cutting costs, and even opening up fresh revenue streams.

So, What Exactly Is Reverse Logistics?

Think of it as the product’s journey home.
It’s what happens when goods travel from the customer back to you, for a refund, a repair, recycling, or proper disposal. Forward logistics moves products toward customers; reverse logistics does the opposite.

And in Saudi Arabia’s booming e-commerce scene — forecast to exceed SAR 50 billion by 2025 — returns are on the rise. Globally, between 15%–30% of online purchases get sent back. Our region is no different. For a young business, ignoring reverse logistics is like running a store with no door for customers to walk back in.

Why Startups Should Care

1. Winning Repeat Customers
Shoppers here expect convenience. If returning a product is quick and painless, they’ll come back. In a market where it costs a lot to win a customer, it makes sense to keep them.

2. Avoiding Operational Chaos
Without a plan, returns can become a nightmare between rushed pickups, lost items, and confused inventory systems. The earlier you set up a clear process, the fewer headaches later.

3. Saving Money and Going Green
Not every return is a loss. Many items can be refurbished, resold, or recycled. With Saudi Arabia’s Vision 2030 pushing sustainability, turning returns into a green initiative can pay off in more ways than one.

4. Learning from Every Return
Returns tell you a story: maybe a size runs small, maybe the packaging is weak, maybe delivery was too slow. Each one is a clue for improving your product and your service.

Making Reverse Logistics Work for You

• Team up with third-party logistics (3PL) providers: like Aramex, SMSA, or regional fulfillment startups offering returns as part of their package.
• Use tech:  apps like Fetchr or Quiqup make it easy to track returns, print labels, and keep customers updated.
• Be transparent: a clear, friendly returns policy on your website builds trust instantly.

A Saudi Success Story

One local example is Cartlow, a Riyadh-based re-commerce platform. Cartlow specializes in returned, overstock, and refurbished products, turning what could be waste into a profitable business.
By building reverse logistics into their model from day one, they’ve managed to partner with major retailers, process high volumes of returns efficiently, and resell items at discounted rates. Not only does this reduce landfill waste, but it also taps into a growing market of value-conscious shoppers. 

Wrapping things up…

Reverse logistics isn’t just an operational chore; it’s rather a powerful growth strategy. For startups in Saudi Arabia and the MENA region, nailing it early means happier customers, lower costs, and a stronger brand.
Because in business, just like in life, sometimes the way back is just as important as the way forward.

Ghada Ismail

Delayed insurance reimbursements remain one of the most pressing financial challenges for healthcare providers across the MENA region. Klaim, a healthtech and fintech hybrid, is addressing this issue by offering AI-powered solutions that accelerate claims processing and improve cash flow predictability for clinics and hospitals. Backed by a recent $26 million funding round, the company is now scaling its presence in key markets—particularly Saudi Arabia—where it aims to support the Kingdom’s ambitious healthcare transformation goals. This interview digs deeper into the company’s strategic priorities, the role of AI in healthcare finance, regulatory considerations, and the partnerships that are shaping its expansion.

You’ve just secured $26 million in funding. What are the top priorities Klaim will focus on as you scale across the MENA region?

Our top priority is to empower small and medium-sized healthcare providers by accelerating their claim payments with insurers, the Ministry of Health, and other government payers. We’re also building an AI-powered TPA solution tailored to the KSA market, enabling faster and more predictable payments between providers and insurers.

What inspired you to focus on solving payment delays in healthcare?

We saw a real problem: healthcare providers working tirelessly to care for patients while struggling with slow and unpredictable payments. Insurers and reinsurers often take months to settle claims, putting providers under intense cash flow pressure just as their operating costs are rising. We wanted to fix that.

Klaim uses AI to forecast insurance payment behavior. Can you walk us through how this works and what makes your system more effective than traditional claim processing methods?

Our AI-driven RCM module analyzes each provider’s specific payers and their historical behavior. Our system evaluates, predicts, and automates approvals on monthly transactions. This predictive intelligence gives providers visibility on when to expect payments and unlocks cash flow with accuracy that traditional processing simply can’t match.

Healthcare payments are notoriously complex. What were the biggest technical or regulatory challenges you faced building a fintech solution in this space?

One major challenge is the lack of compliance from some payers regarding regulated claims settlement timelines. Payment behaviors change frequently, making it hard for providers to plan. Our solution had to account for this complexity while staying fully compliant with healthcare and financial regulations in each market.

Saudi Arabia has been a big focus for you lately. Why is the Kingdom such an attractive market for Klaim’s growth, and how are you adapting your model to fit its healthcare ecosystem?

Saudi Arabia accounts for nearly 70% of the GCC healthcare market, with over 5,000 accredited providers dealing with insurers. To succeed there, we’ve tailored Klaim’s platform to comply 100% with local regulations while addressing providers’ growing operational needs. This ensures their revenue cycle becomes faster, smoother, and future-ready.

How are you ensuring compliance with evolving AI regulations, especially with Saudi Arabia’s digital health sandbox initiatives?

Klaim is certified by the Saudi CHI for RCM services and fully integrated with NPHIES across eligibility, pre-authorization, claims, and payments. We prioritize compliance to ensure providers can trust us to accelerate their payments without risking regulatory setbacks.

How important are local partnerships like Tharawat Tuwaiq to your business model in Saudi Arabia, and are you pursuing other collaborations in the Kingdom?

Tharawat Tuwaiq is a crucial partner, providing financial support and credibility as we scale. That said, our long-term vision is to build a fully independent operation to process payments even faster and strengthen market trust in our brand.

With growing investor interest in health tech, what’s your message to VCs looking to understand the true ROI potential of healthcare fintech solutions like Klaim?

The ROI is clear: providers urgently need solutions that ease financial stress from delayed insurer payments. By combining our AI-driven approach with strong messaging and targeted marketing, Klaim delivers real value – freeing providers to focus on care while improving their financial health.

Is Klaim considering working with public-sector entities in Saudi Arabia to support Vision 2030 health goals, or will you remain focused on private healthcare providers?

For now, our focus is on building a strong base with private providers. Public sector collaborations may come later, selectively, and ideally with regulator recommendation to ensure strategic alignment.

What’s next on your roadmap?

We’re focused on deepening partnerships with the CHI and Saudi regulators to streamline payments, integrate seamlessly with NPHIES Pay, and continue expanding our platform to support the Kingdom’s healthcare transformation goals.