Riyadh - Sharikat Mubasher: Bwa for Information Technology (BwaTech), a pioneering financial services provider, secured an investment of $16 million in a funding round led by Sharaka Financial.

The investment, which was announced on the sidelines of the Money 20/20 Middle East, will accelerate BwaTech plans to grow and expand in the Saudi market, the company revealed in a recent statement.

This transaction underscores BwaTech’s position as a leading provider of advanced fintech solutions that promote the efficiency of the corporate and banking sectors.

BwaTech is permitted by the Saudi Central Bank (SAMA) to operate within the SAMA Sandbox, offering a wide range of innovative products and solutions that meet the needs of financial institutions, corporates, SMEs, fintech companies, and individuals.

Its centralized platform connects corporates with their banks, providing them an efficient way to manage their financial operations. The company empowers the corporates to effortlessly gain greater control over their daily operations, ensuring ease and convenience in every step.

The Money 20/20 Middle East took place in Riyadh from 15 to 17 September, bringing together more than 450 global and regional fintech brands and over 1,050 investors from around the globe.

Co-organized by Fintech Saudi and Tahaluf, the conference addressed key topics shaping the future of the financial sector, including artificial intelligence (AI) in financial services, open banking and open finance, instant payments, and data governance and regulations.

With the theme “Where Money Does Business,” Money20/20 Middle East featured dedicated partnership pavilions, executive networking lounges, and curated meeting programs to maximize ROI for sponsors and exhibitors.