• Saudi Arabia-based Wadaie has raised a seed round led by VentureSouq, joined by Graphene Ventures, RZM Investments, Arab National Bank, and Alinma Bank.
• Founded in 2022 by Abdullah Alandas, Rayan Altuwayjiri, and Abdulrahman Alhawas, Wadaie offers a platform designed to connect depositors with all banks in Saudi Arabia, enabling them to earn returns on Shariah-compliant time deposits without the need to open new accounts at other banks.
• The funding will support compliance, cybersecurity, tech infrastructure, product expansion, and customer experience improvements, while deepening partnerships with Saudi banks to reach new markets and customer segments.

Press release:

Saudi fintech startup Wadaie has closed its seed funding round led by VentureSouq, with participation from Graphene Ventures, RZM Investments, Arab National Bank, and Alinma Bank.

The new funding will be deployed to strengthen regulatory compliance and cybersecurity practices, expand technology infrastructure, broaden the company’s product suite, and enhance customer experience.

Founded in 2022, Wadaie offers a unified platform for Sharia-compliant saving and investment, giving individuals access to deposit returns while enabling companies to optimise treasury and liquidity management with secure, efficient tools.

The company’s partnerships with leading Saudi banks have opened new access channels, allowing banks to reach additional customer segments and diversify their liquidity sources.