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Saudi Arabia has advanced significantly in terms of entrepreneurship and business. Entrepreneurship and innovation have converged to shape the economic growth and prosperity of the country. The new visionaries and trailblazers are transforming Saudi Arabia’s landscape with brilliant ideas and groundbreaking ventures.
Let’s take a look at the top 15 starts in Saudi Arabia.
1. WaffyApp
WaffyApp is a payment solution app that gives individuals and small businesses a payment solution using Escrow. It is an intermediary which helps protect the buyers and sellers by keeping the payment. The payment is transferred only when the product is delivered, and the buyer inspects it thoroughly.
The seller registers and adds product details and prices. The link generated is sent to the customer. The amount is paid by the customer but is kept in the escrow account until the customer gets the order and inspects it to ensure quality. The amount is sent to the seller’s bank when the customer approves.
Waffy App Startup Funding Details:
| City | Jeddah, Makkah, Saudi Arabia |
| Started in | 2021 |
| Industries | FinTech, Mobile Payments |
| Number of employees | 11-50 |
| Funding amount | $2.1M |
| Number of funding rounds | 2 |
| Source | Crunchbase |
2. The Architect
The architect is a platform that connects homeowners, architect firms, and freelancers to create and renovate spaces that suit one’s needs and tastes. It is a construction platform incorporating construction and technology to digitalize the construction process. The clients are connected with the right service providers, and the company acts as a mediator to make the work easy for the companies and the clients.
The Architect Startup Funding Details:
| City | Al Khobar, Ash Sharqiyah, Saudi Arabia |
| Started in | 2020 |
| Industries | Construction |
| Number of employees | 1-10 |
| Funding amount | SAR500K |
| Number of funding rounds | 1 |
| Source | Crunchbase |
3. Tamara
Tamara is a fintech buy-now-pay-later platform. It allows the users to buy from the top stores and split the payments without additional fees or interest. The payment method is completely Shariah-compliant. The users can buy from top stores like Shein, Faces, and Namshi, and the payment can be split into three months and six months.
Tamara Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | Feb 2020 |
| Founders | Abdulmajeed Alsukhan, Abdulmohsen Albabtain, Turki Bin Zarah |
| Industries | E-Commerce. Financial Service, FinTech, Retail, Shopping |
| Number of employees | 251-500 |
| Funding amount | $365.6M |
| Number of funding rounds | 6 |
| Number of investors | 14 |
| Source | Crunchbase |
4. XCUTE
XCUTE is a freelancing platform connecting top talent and enthusiasts in marketing, content creation, and design to the right startups. Usually, freelancing platforms don’t guide the clients properly beyond the basic search function. Xcute is a MENA-based platform focusing on the region to promote the growing startup. The talent goes through a rigorous vetting process to help recruit the best freelancers from the area.
Xcute Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2019 |
| Founders | Andrea Cafege |
| Industries | Digital Marketing, Branding, and social media |
| Number of employees | 1-10 |
| Number of funding rounds | 1 |
| Number of investors | 1 |
| Source | Crunchbase |
5. Bynow
Bynow is a fintech company based in Riyadh that allows innovative B2B options to marketplaces, wholesalers, manufacturers, and SMEs. It also offers convenient By-Now-Pay-Later options. This allows businesses to sell more and grow by offering convenient payment solutions. No additional charges or interest are involved.
Bynow Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2022 |
| Industries | Financial Service, Manufacturing, Wholesale |
| Number of employees | 1-10 |
| Funding amount | SAR500K |
| Number of funding rounds | 1 |
| Number of investors | 1 |
| Source | Crunchbase |
6. TAWARED TECHNOLOGY
TAWARED is a startup company set to revolutionize the future of technology in KSA, driven by the kingdom’s vision for 2030 economic growth and development. It provides innovative solutions using fintech, cybersecurity, blockchain systems, and Artificial Intelligence. Its innovations include Currency exchange platforms, digital payment terminals, and more disruptive financial services.
Tawared Technology Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | April 7, 2020. |
| Industries | Intelligent systems, Mobile payments, Software |
| Number of employees | 1-10 |
| Founders | AB AL, KA AL, TU AL |
| Number of funding rounds | 2 |
| Source | Crunchbase |
7. Qaym
Qaym is an Arabic language-based research and review site. It specializes in providing consumers with user-based reviews. The reviews are related to restaurants and cafes from all around the world. It incorporates second-generation Web 2.0. the website aims to provide Arab readers with easy access to content as well as restaurants reviews.
Qaym Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2008 |
| Industries | Search Engine |
| Number of employees | 1-10 |
| Founder | Jihad Alammar, Ziyad Alghannam |
| Funding amount | SAR550,000 |
| Number of investors | 2 |
| Number of funding rounds | 1 |
| Source | Crunchbase |
8. Dawl
Dawl is an electronic application that aims at guiding amateurs about investment strategies by showing them the investment portfolios of experts. It allows clients who are beginners in the field to actively view the investment portfolios of other clients who are experts in the field. It also shows them the deals the experts make to add to their portfolios. This creates the opportunity to learn and benefit from others and their mistakes.
Dawal Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2020 |
| Founder | Mansour Al-Harbi |
| Industries | Financial services, FinTech, Predictive Analysis |
| Number of employees | 11-50 |
| Funding amount | $5M |
| Number of investors | 5 |
| Source | Crunchbase |
9. Hakbah
Hakbah is a modernized financial saving platform that is unique and innovative. It follows the model of “crowd-funding with profit sharing.” It allows individuals to pool all their resources together from a shared investment. The individuals then collectively participate in investments otherwise impossible for individual investors to participate in.
The prime aim of Hakbah is to foster financial inclusion so that investors from all backgrounds can invest on a level playing field, creating opportunities for everyone.
Hakbah Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2018 |
| Founder | Dimitar Kazakov, Naif AbuSaida |
| Industries | Financial services, FinTech, Predictive Analysis, Software |
| Number of employees | 1-10 |
| Funding amount | $3.2M |
| Number of Investors | 3 |
| Source | Crunchbase |
10. Wafeer
Wafeer is a fintech app that aims at aiding individuals in personal finance management. It includes account integration, budgeting and goal setting, expense tracking, finance insights, and investment guidance. The users can monitor their expenses and get in-depth detailed reports of their purchases. Individuals don’t need to enter their expenditures manually.
Wafeer also allows users to set specific budgets and also allows them to categorize as per personal needs. The budgets can be monitored daily, weekly, and monthly.
Wafeer Startup Funding Details:
| City | Riyadh, Ar Riyad, Saudi Arabia |
| Started in | 2019 |
| Founder | Abdulaziz Al-Jasser, Ahmad Ramadan, Salah Albassam |
| Industries | Financial services, FinTech, Predictive Analysis |
| Number of employees | 11-50 |
| Funding amount | Undisclosed |
| Number of investors | 3 |
| Funding rounds | 1 |
| Source | Crunchbase |
You can read more about latest startups in Middle east:
YallaHub Dubai UAE: Unveiling Success ; Pre-Series Round Report
From Tech to Hospitality: The Most Promising Startups Fueling Saudi Arabia& Growth in 2023
Startup Review: Tabby UAE Payment System – A Closer Look at its Impact on Businesses in the Gulf
Conclusion
Saudi Arabia’s startup ecosystem has advanced and flourished significantly in recent years. It has witnessed a huge influx of innovative ventures and brilliant ideas, which has impacted Saudi Arabia’s industries and economy. From technology to e-commerce and Fintech, entrepreneurship has recently thrived significantly in the Kingdom. The fusion of technology, investment opportunities, and a supportive environment for new businesses to thrive is paving the way for an exciting future for Saudi Arabia.
