Saudi’s MoneyMoon raised USD 2.9 million (SAR 11 million) in a pre-Series A funding round. The round was led by Core Vision and also saw participation from family offices and angel investors.
This was announced at the Money20/20 Middle East conference in Riyadh. Furthermore, it is in alignment with Saudi’s Vision 2030 to foster the financial sector.
Up next, with the funding, it aims to grow and expand its services. This includes supporting its platform expansion, product development, and scaling operations. With this, it aims to enhance the user experience and broaden access to direct financing solutions.
About the MoneyMoon Lending Platform
Founded in 2023 by Abdulmajeed Alaskar, MoneyMoon is a Sharia-compliant peer-to-peer (P2P) lending platform. It is authorized by the Saudi Central Bank (SAMA) under its Regulatory Sandbox. It provides short-term loans with quick approvals and offers investors flexible ways to invest.
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Moreover, it provides fast and flexible consumer peer-to-peer financial services aiming to meet individuals’ daily needs, It focuses on short-term borrowing and lending through a simple user experience.
It uses machine learning to check how trustworthy borrowers are, making sure loans are fast while still keeping investors safe. Its goal is to help more people and make banking more accessible through safe and modern digital solutions.
Thus, it focuses on providing secure, fast, and transparent transactions, allowing users to manage lending and borrowing with ease.
MoneyMoon’s funding reflects investor appetite for Sharia-compliant fintech. Its progress will test how peer-to-peer lending fits into Saudi’s evolving financial sector.
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