# Mala'a Financial Technology Company

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mala-a-financial-technology-company

- Industry: Software
- Headquarters: Riyadh, Saudi Arabia
- Website: www.malaa.tech
- Total disclosed funding: $19M
- Latest round: Series A (Sep 3, 2024)
- Investors on record: 7

## About

Based in Riyadh, Saudi Arabia, and founded in 2020 by Ali Alorainy, and Faisal Alqarn, Malaa Technologies operates as a software-as-a-service based company that provides personal wealth management applications to manage finances, such as expense keeping, budgeting, and direct bank connection. In March 2022, Malaa Technologies raised SAR 6.4 million in seed funding from Impact46, Khwarizmi Ventures, VentureSouq, and Wealth Well.

Malaa Technologies provides open banking services that allow individuals to make better financial decisions via artificial intelligence (AI) and big data technologies. The company’s services include a personal finance manager, which helps to track the budget on the top of expenses; lending, which automates decision making with minimal technical integration for lenders thorough their lending journey; and investments, which bridge gaps within the investment journey via automated way. In addition, the company offers a mobile application for both android and iOS users to offer its services.

Malaa Technologies plans to use its proceeds from March 2022 funding to further expand its market reach and develop its proprietary technologies.

## Funding rounds

- Series A, Sep 3, 2024, $17M — WKN, SNB Capital, Khwarizmi Ventures, Impact46, Derayah Financial
- Seed, Mar 16, 2022, $1.7M — VentureSouq, Khwarizmi Ventures, Impact46, Wealth Well

## Investors

- VentureSouq (https://capitalatlas.ai/funds/venturesouq) — Seed
- Khwarizmi Ventures (https://capitalatlas.ai/funds/khwarizmi-ventures) — Seed, Series A
- Impact46 (https://capitalatlas.ai/funds/impact46) — Seed, Series A
- Wealth Well (https://capitalatlas.ai/funds/wealth-well) — Seed
- WKN — Series A
- SNB Capital (https://capitalatlas.ai/funds/snb-capital) — Series A
- Derayah Financial (https://capitalatlas.ai/funds/derayah-financial) — Series A