Hakbah
ActiveA mobile app that digitizes the traditional Gulf group-savings circle (jameya), letting users create savings groups, schedule contributions and receive payouts via bank transfer.
Hakbah (legally Noon Hakbah for Information Technology) is a Riyadh-based fintech that modernizes the traditional 'jameya' rotating savings-group model into a regulated digital app operating under a Saudi Central Bank (SAMA) regulatory-sandbox permit. Founded in 2018 by Naif AbuSaida, it has grown to over 2 million registered users and raised a $5.1M Series A round in December 2023.
Founders
Funding Rounds
Lead: VentureSouq
Investors: VentureSouq, M-Capital, Bunat Ventures, Global Ventures, Aditum Investment Management
Investors: VentureSouq, M-Capital, Bunat Ventures, Global Ventures, Aditum Investment Management.
Lead: Global Ventures
Investors: Global Ventures, Aditum Investment Management
Company labels it 'pre-Series A' and its first institutional round; recorded as seed for lack of a pre-Series A type. Crunchbase-derived summaries date it April 2020, which contradicts the Entrepreneur ME piece (April 2023) and the fact that the $1.2M seed was Jan 2021. Also: https://www.fintechfutures.com/paytech/icymi-fintech-funding-round-up-fiat-republic-hakbah-payble-and-spare Confidence: confirmed (round 13, Entrepreneur Middle East).
Investors: group of investors (unnamed angels and an investment firm)
Company gives SAR 4.5M = USD 1.2M; USD figure used as printed. Newsroom page is dated 2021-03-31 but the text and MENAbytes coverage date the announcement 2021-01-25. Investors not named. Also: https://www.menabytes.com/hakbah-seed/ https://www.fintechfutures.com/fintech-start-ups/saudi-start-up-hakbah-raises-1-2m-in-seed-funding Confidence: confirmed (round 13, Hakbah).
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