Latest news with #RaedVentures
Arab News
22-03-2025
- Business
- Arab News
Fintech, gaming, and health-care capture venture interest
RIYADH: Startups across the Middle East and North Africa region continue to attract investor interest, with fintech, gaming, and health care ventures securing significant funding rounds. UAE-based fintech NymCard raised $33 million in a series B funding round led by QED Investors, with participation from Lunate, Dubai Future District Fund, and Mashreq Bank, as well as Knollwood, Reciprocal, and FJ Labs. Endeavor, Shorooq Partners, and Oraseya Capital also took part. Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard provides fintech companies with API-based solutions to integrate financial services into their applications. The latest investment will enable the company to expand across more than 10 markets in the region and enhance its payment infrastructure to serve banks, enterprises, fintechs, and telecom providers. 'This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA,' Onsi, the CEO, said. 'With the backing of our investors, we will continue pushing the boundaries of payments and embedded finance, ensuring our clients have access to best-in-class payment infrastructure solutions backed up by solid program management capabilities,' he added. This funding follows NymCard's $22.5 million venture round in 2022, led by DisruptAD and Reciprocal Ventures. ClearGrid emerges from stealth with $10 million funding Another UAE-based fintech, ClearGrid, has emerged from stealth after securing $10 million in a dual pre-seed and seed funding round. The pre-seed round of $3.5 million was co-led by Raed Ventures and Beco Capital, while the seed round of $6.5 million was co-led by Nuwa Capital and Raed Ventures. Other institutional investors include Aramco's Waed Ventures, KBW Ventures, and Sharaka, as well as 9yards Capital, Protagonist, and BYLD. Eirad Holdings, Endeavor Catalyst, and Wamda Capital also put in funds. Founded in 2023 by Khalid Al-Saud, Mohammad Al-Zaben, and Mohammad Al-Khalili, ClearGrid provides an AI-powered debt collection resolution platform for lenders. This investment is a testament to the strength of our technology and our commitment to enabling financial innovation in MENA. Omar Onsi, NymCard CEO 'Collections should be an extension of good lending — not an afterthought. At ClearGrid, we're reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers,' Al-Zaben said. The startup aims to develop cutting-edge artificial intelligence and machine learning-driven collections systems, alongside a Software-as-a-Service platform that enhances early risk detection and credit orchestration. 'Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock. At ClearGrid, we're redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth, not distress,' according to Al-Saud. 'This is just the first step in building the infrastructure for the future of debt resolution,' he added. The company plans to expand across MENA and beyond as it refines its offerings. PlaysOut raises $7 million to grow mini-game ecosystem In the gaming sector, PlaysOut, a UAE-based gametech startup, has secured $7 million in a seed funding round at a valuation of $70 million. Investors in the round include OKX Ventures, KBW Ventures, and Pacific Century Group. Founded in 2024 by Jassem Osseiran and Jimmie Jeremejev, PlaysOut provides a mini-games engine and SDK, enabling platforms to integrate a library of interactive mini-games. The new capital will be directed toward expanding its mini-game ecosystem, securing strategic partnerships, and entering high-growth markets such as the US, MENA, and Asia. ORO Labs raises $1.5 million for tokenized gold trading UAE-based ORO Labs, a tokenized gold platform, has raised $1.5 million in a pre-seed funding round led by 468 Capital, with participation from Fasset and angel investors. Founded in 2024 by Usman Saleem, ORO Labs offers users the ability to trade and use gold-backed assets seamlessly across financial markets. The company plans to expand its product offerings and deepen its integrations across both decentralized and traditional finance ecosystems. MENA Analytics secures funding for regional expansion Palestine-based MENA Analytics, a platform that helps enterprises gather market insights through survey tools and data capture solutions, has secured undisclosed funding from Ibtikar Fund. Founded in 2023 by Yousef Srouji, Obada Shtaya, Zayne Abudaka, and Mohammad Abu Qare, the company plans to use the new capital for expansion into Jordan and Saudi Arabia as it grows its research and analytics capabilities. raises investment to expand AI-powered legal tech services Tunisia-based a regulatory technology startup specializing in AI-powered legal document automation, has raised an undisclosed investment round from Go Big Partners and 216 Capital Ventures. Founded in 2019 by Assali Kais, Maya Boureghda Chebeane, and Anis Wahabi, Juridoc provides businesses with automated legal documentation and services. The funding will support the company's expansion into the OHADA region, which covers 17 West and Central African countries. Grinta raises funding, acquires Citi Clinic for expansion into health care Egypt-based Grinta, a pharmaceutical marketplace startup, has raised an undisclosed funding round from Beltone Venture Capital and Raed Ventures. Founded in 2021 by Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed, Grinta enables pharmacies to access a traceable supply of pharmaceutical and medical products from multiple vendors, while also offering fulfillment, demand planning, and inventory financing solutions. The company has also announced the acquisition of Citi Clinic, an Egypt-based primary health care service chain that serves more than 150,000 patients. The acquisition marks Grinta's pivot from a business-to-business marketplace to a hybrid model integrating direct patient care, as well as its planned expansion into East Africa. Fawry and Contact Financial partner to enhance BNPL and fintech services Egypt's leading fintech company Fawry has signed a strategic agreement with Contact Financial Holding, one of the country's top non-banking financial services providers. The deal aims to integrate Contact's buy now, pay later service into Fawry's extensive payment network, which includes more than 370,000 point-of-sale terminals and an online platform. Through this partnership, Contact's customers will gain access to Fawry's digital payment solutions, enabling convenient installment-based purchases. Beyond BNPL, the collaboration will also cover electronic payment solutions, bill collection, and other fintech services. The initiative aligns with Egypt's broader digital transformation strategy, which seeks to reduce reliance on cash transactions and drive financial inclusion. Yango Group launches $20 milliomn venture fund Yango Group, a global tech company focused on bringing advanced technology to local communities, has launched Yango Ventures, a corporate venture fund aimed at supporting early-stage startups across Latin America, Sub-Saharan Africa, MENAP, and other high-growth regions. With an initial fund of $20 million, Yango Ventures will invest in seed to series B startups operating in the online-to-offline, B2B SaaS, and fintech sectors. The fund is designed for scalability, with plans to expand its capital base in the future as entrepreneurial ecosystems in these markets continue to develop. Beyond capital, Yango Ventures will leverage Yango Group's industry expertise, network, and operational resources to help startups scale effectively and create sustainable impact within their communities. By focusing on markets where Yango already has a strong presence, the fund aims to foster technological innovation, digitalization, and economic growth.
CairoScene
20-03-2025
- Business
- CairoScene
ClearGrid Raises $10 Million to Modernise Debt Collection in MENA
ClearGrid Raises $10 Million to Modernise Debt Collection in MENA Based in the UAE, the AI-powered platform looks to automate debt recovery for lenders across the region. ClearGrid, an AI-powered debt collection platform based in the UAE, has emerged from stealth with $10 million in funding to modernise debt recovery in the MENA region. The company was founded by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, who aim to replace manual collection processes with data-driven automation to improve recovery rates and borrower engagement. 'Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock,' Co-Founder & Chairman of ClearGrid KSA, Khalid Bin Bader Al Saud, tells StartupScene. 'At ClearGrid, we're redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth, not distress. This is just the first step in building the infrastructure for the future of debt resolution.' The funding happened over two rounds. The pre-seed round was co-led by Raed Ventures and Beco Capital. The seed round meanwhile was co-led by Nuwa Capital and Raed Ventures. Additional institutional investors included Aramco's Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital. The round also attracted marquee angel investors. 'ClearGrid is tackling a critical pain point in the MENA debt collection industry with a truly innovative approach,' Omar Majdouie, Founding Partner at Raed Ventures, says. 'Their AI-powered platform not only drives significant operational efficiencies for lenders but also fosters a more positive and sustainable relationship with borrowers. This balance is essential for the healthy growth of the region's digital lending landscape, and we're excited to support their mission to modernise collections and drive financial inclusion across the region.' ClearGrid's platform automates debt collection, integrating self-service tools, omnichannel communication, and machine learning to streamline borrower negotiations. The company has secured over 10 enterprise clients, including major fintech firms and banks across the region. Since launching in 2024, ClearGrid has managed hundreds of millions in debt portfolios and achieved profitability in the UAE within a year. It has also recorded significant client outcomes, with a 30% increase in recovery rates for a UAE bank and 95% automation in early-stage debt resolution for a BNPL provider, leading to a 4.8/5 CSAT score. The company plans to expand into Saudi Arabia in 2025 and develop additional services, including AI-powered credit risk assessment, early-stage debt counselling, and a credit orchestration platform.
Zawya
20-03-2025
- Business
- Zawya
ClearGrid emerges from stealth with $10mln to transform debt collection, starting with MENA
Dubai, United Arab Emirates: Debt collection in MENA is stuck in the past - a fragmented landscape of manual processes, aggressive tactics, and poor outcomes that costs lenders billions while punishing borrowers. As the region's $500 billion consumer lending market surges and consumer protection regulations tighten, traditional collection methods cannot deliver the reliable capital flows needed to maintain harmony in financial ecosystems. Today,ClearGrid announces its launch from stealth with $10M in funding to build the first modern debt collection infrastructure for the digital age, turning what was once a liability into a competitive advantage that reinforces the financial foundation of the entire MENA region. The funding comes across two rounds, with the pre-seed round co-led by Raed Ventures and Beco Capital, and the seed round co-led by Nuwa Capital and Raed Ventures. Additional institutional investors include Aramco's Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital. The round also attracted marquee angel investors*. The company was founded by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, who recognized that at its core, debt collection is fundamentally an information and coordination problem. After encountering these challenges firsthand in their careers, they set out to replace aggressive tactics with data-driven, compassionate solutions that work better for both sides of the equation - creating the equilibrium necessary for healthy economic growth. Co-Founder & CEO, Mohammad Al Zaben, said: 'Collections should be an extension of good lending—not an afterthought. At ClearGrid, we're reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers.' ClearGrid offers an AI-powered collections platform that automates every step of the recovery process - from borrower engagement to negotiations - helping lenders scale while providing a better borrower experience. By combining AI, self-service tools, and omni-channel outreach, ClearGrid reduces resolution times and increases recovery rates. Since its launch in 2024, ClearGrid has managed hundreds of millions in debt portfolios and secured partnerships with the largest fintech players in the Middle East and leading MENA banks. The company has signed over 10 major enterprise clients and built a robust pipeline for 2025, which includes expanding revenue in the UAE and entering the KSA market. Perhaps most impressive, ClearGrid has achieved profitability for its UAE operation within just a year of launch, though the company remains focused on scaling rather than profitability at this stage. ClearGrid's impact has been transformative. A major UAE bank doubled borrower engagement, leading to a 30% improvement in recovery rates. Leveraging ClearGrid's AI-powered automation, a leading BNPL provider saw its early-stage debt resolution fully automated—with 95% of cases handled without human intervention—resulting in a doubling of performance and an outstanding 4.8/5 CSAT score. Beyond the numbers, borrowers who previously ignored traditional collection calls have started engaging when they feel their voice is heard and offered better options, like, principal waivers and flexible repayment plans. This improved borrower-lender dynamic builds economic confidence, reduces financial stress, and supports the stable credit markets that power economic development. Co-Founder & Chairman of ClearGrid KSA, Khalid Bin Bader Al Saud, said: ' Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock. At ClearGrid, we're redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth not distress. This is just the first step in building the infrastructure for the future of debt resolution.' As digital lending accelerates across the MENA region, the need for efficient, technology-driven collections solutions grows. Lenders are seeking ways to improve borrower experiences and gain insights from data - a demand that ClearGrid is uniquely positioned to meet. While legacy collection agencies remain stuck in old models with manual outreach and poor borrower experiences, ClearGrid's AI-driven approach is faster, smarter, and delivers a fundamentally better experience. Founding Partner at Raed Ventures, Omar Majdouie, said: ' ClearGrid is tackling a critical pain point in the MENA debt collection industry with a truly innovative approach. Their AI-powered platform not only drives significant operational efficiencies for lenders but also fosters a more positive and sustainable relationship with borrowers. This balance is essential for the healthy growth of the region's digital lending landscape, and we're excited to support their mission to modernize collections and drive financial inclusion across the region.' Founding Partner at Nuwa Capital, Khaled Talhouni, said: "We invest in founders who see inefficiencies as opportunities for reinvention. Khalid, Mohammad, and Mohammed are doing exactly that with ClearGrid—turning debt resolution from a fragmented, outdated process into a unique commercial opportunity. By leveraging AI and automation, they are not just improving collections but fundamentally reshaping how lenders engage with borrowers, setting a new standard for the industry." Looking ahead, ClearGrid's vision extends far beyond its current offerings to tackle wider challenges in the lending life cycle. The company plans to build cutting-edge collections systems leveraging AI and machine learning, develop a comprehensive enterprise platform for early risk detection and credit orchestration, and unlock new revenue streams through alternative risk assessments, AI-powered debt counseling, and debt consolidation. This ambitious roadmap positions ClearGrid not just as a collections solution, but as the foundation for a more transparent, efficient financial system across MENA and beyond. *List of angels: Anu Hariharan (Avra), Jason Gardner (Marqeta), Bjorn Wagner (Parity Technologies), Amjad Masad (Replit), Vinay Menda (Blank Street), Justin Kan (Twitch), Mohammed Ballout (Kitopi), Sultan Olayan, Ahmed Alenazi (Barq), Ahmed Hamdan (Unifonic), and additional founders from the US and MENA.
Wamda
20-03-2025
- Business
- Wamda
ClearGrid emerges from stealth after closing $10 million dual round
UAE-based fintech ClearGrid has emerged from stealth after raising $10 million in a dual round, pre-seed and seed. The pre-seed round was co-led by Raed Ventures and Beco Capital, and the seed round was co-led by Nuwa Capital and Raed Ventures. Additional institutional investors include Aramco's Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor, and Wamda Capital. Founded in 2023 by Khalid Bin Bader Al Saud, Mohammed Al Zaben, and Mohammed Khalili, ClearGrid offers an AI-powered debt collection resolution for lenders. Looking ahead, ClearGrid plans to build cutting-edge collections systems leveraging AI and machine learning and develop a comprehensive SaaS platform for early risk detection and credit orchestration, which enables it to expand across MENA and beyond. Press release: Debt collection in MENA is stuck in the past – a fragmented landscape of manual processes, aggressive tactics, and poor outcomes that costs lenders billions while punishing borrowers. As the region's $500 billion consumer lending market surges and consumer protection regulations tighten, traditional collection methods cannot deliver the reliable capital flows needed to maintain harmony in financial ecosystems. Today, ClearGrid announces its launch from stealth with $10M in funding to build the first modern debt collection infrastructure for the digital age, turning what was once a liability into a competitive advantage that reinforces the financial foundation of the entire MENA region. The funding comes across two rounds, with the pre-seed round co-led by Raed Ventures and Beco Capital, and the seed round co-led by Nuwa Capital and Raed Ventures. Additional institutional investors include Aramco's Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor, and Wamda. The round also attracted marquee angel investors*. The company was founded by Khalid Bin Bader Al Saud, Mohammed Al Zaben, and Mohammed Khalili, who recognised that at its core, debt collection is fundamentally an information and coordination problem. After encountering these challenges firsthand in their careers, they set out to replace aggressive tactics with data-driven, compassionate solutions that work better for both sides of the equation – creating the equilibrium necessary for healthy economic growth. Co-Founder & CEO, Mohammed Al Zaben, said: 'Collections should be an extension of good lending—not an afterthought. At ClearGrid, we're reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers.' ClearGrid offers an AI-powered collections platform that automates every step of the recovery process – from borrower engagement to negotiations – helping lenders scale while providing a better borrower experience. By combining AI, self-service tools, and omnichannel outreach, ClearGrid reduces resolution times and increases recovery rates. Since its launch in 2024, ClearGrid has managed hundreds of millions in debt portfolios and secured partnerships with the largest fintech players in the Middle East and leading MENA banks. The company has signed over 10 major enterprise clients and built a robust pipeline for 2025, which includes expanding revenue in the UAE and entering the KSA market. Perhaps most impressive, ClearGrid has achieved profitability for its UAE operation within just a year of launch, though the company remains focused on scaling rather than margins at this stage. The impact of ClearGrid has been transformative. A major UAE bank increased recovery rates by 30% while cutting collection costs in half, and a leading BNPL provider doubled recoveries by automating early-stage debt resolution. Beyond the numbers, borrowers who previously ignored traditional collection calls have started engaging when they feel their voice is heard and offered better options, like, interest reductions and flexible repayment plans. This improved borrower-lender dynamic builds economic confidence, reduces financial stress, and supports the stable credit markets that power economic development. Co-Founder & Chairman of ClearGrid KSA, Khalid Bin Bader Al Saud, said: 'Financial systems must evolve with the digital world. Debt resolution should be a bridge to stability, not a roadblock. At ClearGrid, we're redefining collections with a data-driven, technology-first approach that strengthens trust, ensuring credit fuels growth, not distress. This is just the first step in building the infrastructure for the future of debt resolution.' As digital lending accelerates across the MENA region, the need for efficient, technology-driven collections solutions grows. Lenders are seeking ways to improve borrower experiences and gain insights from data – a demand that ClearGrid is uniquely positioned to meet. While legacy collection agencies remain stuck in old models with manual outreach and poor borrower experiences, ClearGrid's AI-driven approach is faster, smarter, and delivers a fundamentally better experience. Founding Partner at Raed Ventures, Omar Majdouie, said: 'ClearGrid is tackling a critical pain point in the MENA debt collection industry with a truly innovative approach. Their AI-powered platform not only drives significant operational efficiencies for lenders but also fosters a more positive and sustainable relationship with borrowers. This balance is essential for the healthy growth of the region's digital lending landscape, and we're excited to support their mission to modernise collections and drive financial inclusion across the region.' Looking ahead, ClearGrid's vision extends far beyond its current offerings to tackle wider challenges in the lending life cycle. The company plans to build cutting-edge collections systems leveraging AI and machine learning, develop a comprehensive SaaS platform for early risk detection and credit orchestration, and unlock new revenue streams through alternative risk scoring, AI-powered borrower engagement, and debt consolidation. This ambitious roadmap positions ClearGrid not just as a collections solution, but as the foundation for a more transparent, efficient financial system across MENA and beyond. *Full list of angels: Anu Hariharan (ex-YC, Avra), Jason Gardner (Marqeta), Kenneth Lin (Credit Karma), Bjorn Wagner (Parity Technologies), Amjad Masad (Replit), Vinay Menda (Blank Street), Justin Kan (Twitch), and local industry leaders like Mohammed Ballout (Kitopi), Sultan Olayan, Ahmed Alenazi (Barq), and Ahmed Hamdan (Unifonic).
