International Finance

Saudi Arabia-based CashIn raises $1.6 mn for business expansion

The funding round was led by BIM Ventures

Saudi Arabian fintech startup CashIn has recently secured a funding of $1.6 million in its latest round of funding to expand its market presence, according to media reports. The funding round was led by BIM Ventures along with a number of angel investors.

At present, the Saudi fintech startup provides digital payment solutions, virtual points of sale, and other payment features to businesses who are looking to manage sales in an integrated platform. The news of the latest funding comes as the Kingdom gears up to implement the latest e-invoicing rule with CashIn partnering with the government sector to fully comply with it.

Omar Al-Rammah, CEO of CashIn told the media, “The Kingdom of Saudi Arabia is undergoing rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen on CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 vision.”

Additionally, the Kingdom also reported that the global startup funding increased by 157 percent between the second quarter of 2020 and second quarter of 2021, from $60.7 billion to a record $156.2 billion. During the first half of 2021, the funding stood at $292.4 billion.

Even though the funding activity was temporarily halted due to Covid-19, businesses quickly adapted to changing consumer behaviour, sparking a massive comeback in funding with robust activity in sectors like healthcare and technology.

In the future, a lot of sectors are going to be benefitted from these fundings, especially those that have adapted to the changing consumer behaviour like health and technology. Additionally, it is expected that the cryptocurrency sector is also likely to get more investors as venture capital firms have raised significant amounts specifically targeting the industry.

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