- TechMal, a Saudi fintech startup, raised $1 million in a pre-seed round led by Al Majidiya Investment Company.
- Founded in 2024 by Saud Al-Rebdi and Basil Alsuhaibani, TechMal operates as a micro-consumer finance company licensed by SAMA.
- The company focuses on converting annual or semi-annual rental payments into monthly installments via the Ejar platform.
Saudi Arabia-based fintech startup TechMal has successfully raised $1 million in a pre-seed investment round. The funding was led by Al Majidiya Investment Company, with participation from other investors.
Company Background
TechMal was founded in 2024 by Saud Al-Rebdi and Basil Alsuhaibani. The company operates as a micro-consumer finance company. The company is licensed by the Central Bank of Saudi Arabia (SAMA) and focuses on the residential real estate rental market.
Innovative Financing Solutions
TechMal offers a unique service that allows tenants to convert their annual or semi-annual rental payments into manageable monthly installments. This service is facilitated through the Ejar platform, making it easier for tenants to manage their rental expenses.
Future Prospects
With the new funding, TechMal aims to expand its services and reach more customers in the residential rental sector. The investment marks a significant milestone for the company, positioning it for future growth and innovation in the fintech industry.
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Last Updated on July 23, 2024 by Safiya K
