Riyadh - Sharikat Mubasher: Saudi digital brokerage platform Arib successfully closed a $23.5 million investment round led by Merak Capital, with participation from additional investors.

The round, which included Shariah-compliant Murabaha facilities, will help Arib accelerate the development of its integrated financing platform, the company revealed in a statement yesterday.

Arib will also use the funding to expand its product suite and strengthen its operational and technological capabilities across Saudi Arabia.

This milestone reflects investors’ growing confidence in Arib’s business model and the continued momentum of the Saudi fintech sector, supported by the regulatory framework established by the Saudi Central Bank (SAMA).

Established in 2018, Arib is a leading fintech and digital broker for personal loans in Saudi Arabia, providing consumers with financing options from various banks and financial institutions.

In 2023, it launched its digital brokerage services in the Kingdom after obtaining a license from the Saudi Central Bank (SAMA), aiming to reshape the Saudi financing landscape by offering an inclusive digital experience to customers seeking to secure finance, whether individuals or corporates.