UmrahCash Secures $500,000 Investment from Adaverse

UmrahCash Secures $500,000 Investment from Adaverse

As technology continues to evolve, Saudi Arabia is, without a doubt, taking bold steps to modernize religious pilgrimages. In fact, Riyadh-based fintech startup UmrahCash has just secured a $500,000 investment from Adaverse, which marks a significant step in enhancing financial inclusion for pilgrims visiting Mecca, Medina, and Jeddah. Moreover, this development highlights Saudi Arabia’s ongoing commitment to improving the pilgrim experience.

A Fintech Solution for Pilgrims

Founded in 2024 by William Phelps, UmrahCash specifically addresses the financial challenges many international pilgrims face. First and foremost, pilgrims from developing nations often struggle to exchange currency for Saudi Riyals (SAR). Typically, the process involves multiple exchanges, which, as a result, lead to higher fees and the risk of carrying large amounts of cash.

However, with UmrahCash, this process becomes much simpler and more secure. Pilgrims can now make payments in their home countries and, consequently, receive Saudi Riyals upon arriving in Saudi Arabia. Additionally, by using advanced technology, UmrahCash eliminates the need for intermediaries, thereby creating a more transparent, secure, and cost-effective experience.

Investment Fuels Expansion

Not only does the $500,000 investment from Adaverse provide a crucial boost, but it also enables UmrahCash to expand its operations in Saudi Arabia. As a result, this funding will significantly improve the company’s infrastructure and service offerings. Furthermore, this investment perfectly aligns with Saudi Arabia’s broader objectives to modernize the Umrah and Hajj industry, especially as part of Vision 2030.

In 2023, Saudi Arabia welcomed more than 26.8 million Umrah performers. This record-breaking number, in particular, demonstrates the Kingdom’s dedication to enhancing the pilgrimage experience. Therefore, as the number of pilgrims continues to rise, the demand for efficient financial solutions becomes increasingly important.

Serving the Needs of International Pilgrims

Notably, a large percentage of these pilgrims come from emerging markets such as Nigeria and Pakistan. For many, accessing Saudi Riyals can be particularly challenging. Consequently, UmrahCash steps in to solve this problem by offering a seamless currency exchange process.

Moreover, the UmrahCash app connects liquidity providers, agents, and pilgrims on a single, secure platform. Consequently, the process becomes streamlined and more transparent. Thus, international pilgrims can now handle their finances more easily and securely during their sacred journey.

Aligning with Vision 2030

As part of its Vision 2030, Saudi Arabia is, without question, focused on enhancing the Hajj and Umrah experience. In fact, the Kingdom has already invested over $1.3 billion to improve its holy sites and make processes like visa applications more efficient.

Additionally, Saudi Arabia’s Minister of Hajj and Umrah, Dr. Tawfiq Al-Rabiah, has repeatedly emphasized the role of technology in improving the pilgrimage experience. By embracing fintech solutions like UmrahCash, the Kingdom continues to promote financial inclusion. In doing so, it ensures that pilgrims can, above all, focus on their spiritual journey without worrying about complex financial issues.

Conclusion

As UmrahCash expands, it is, undeniably, poised to revolutionize payments for pilgrims. This fintech solution is not only about offering easy access to Saudi Riyals. Rather, it is about improving the overall experience for millions of pilgrims. Thanks to the investment from Adaverse, UmrahCash is now in a stronger position than ever to modernize the Umrah and Hajj industry. By combining tradition with technology, UmrahCash is making the pilgrimage more seamless, secure, and inclusive for all.

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FlapKap Secures $34 Million in Funding to Expand SME Finance

FlapKap Secures $34 Million in Funding to Expand SME Finance

UAE-based fintech FlapKap has successfully raised $34 million in a pre-Series A round, combining both debt and equity financing. BECO Capital led the round, while Pact VC, A15, Nclude, QED Investors, and Channel Capital also contributed. This funding marks a major milestone in FlapKap’s growth journey.

Founded in Egypt in 2022 by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani, FlapKap offers financial solutions designed for small and medium enterprises (SMEs). The company helps SMEs boost their inventory and digital advertising spend with quick access to cash, which they can repay later. Consequently, these businesses can scale more effectively.

Rapid Growth and Expansion Plans

Previously, FlapKap raised $3.6 million in seed funding in 2022, increasing the total funding to $37.6 million. With this new investment, FlapKap plans to extend its services across the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA) regions. Additionally, they will enhance their technology infrastructure to launch new trade finance products for B2B businesses. This strategic move will strengthen FlapKap’s position in the fintech industry.

FlapKap’s Innovative Approach

FlapKap distinguishes itself through its data-driven approach in evaluating loan applicants. The platform integrates data from eCommerce platforms, social media, and bank accounts to assess businesses. Additionally, AI-powered models and open banking streamline the process and cut operational costs, enabling FlapKap to deliver loan offers within 48 hours. This approach not only accelerates the process but also provides SMEs with flexible and accessible financing options.

Addressing the SME Financing Gap

SMEs represent 90% of businesses in the MENA region, yet many face difficulties in securing funding. FlapKap addresses this issue by automating the lending process. According to the International Finance Corporation, the SME financing gap in MENA totals $180 billion. By bridging this gap, FlapKap ensures that more SMEs can access the funds they need to grow.

For more startups and investment news, stay updated with our daily blogs. Explore the latest trends, funding rounds, and industry insights to keep informed and ahead in the dynamic world of startups.

UAE-based Myco Secures $10M in Series A Funding

UAE-based Myco Secures $10M in Series A Funding

Myco, the UAE-based Web3 streaming platform, has raised $10 million in the first closing of its Series A funding round. Announced on Tuesday, this milestone highlights strong global interest in Myco’s streaming solutions. The funding attracted prominent venture capital firms from the Middle East, North America, and Europe, reflecting confidence in the company’s vision.

Key Investors and Valuation

The Series A round included influential investors such as Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors through Republic.com and several strategic angel investors contributed. As a result, Myco’s post-money valuation has reached $80 million.

Strong Financial Performance

This milestone follows Myco’s first profitable year, with an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year. Founder Umair Masoom stated, “Myco has shown our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building.”

Expansion Plans and Partnerships

The new capital will help Myco expand into additional markets with similar demographics. This expansion will be supported by regional partnerships. Recently, Myco announced a significant partnership with the Aptos Foundation. As part of this collaboration, the company plans to relaunch its utility token on the Aptos Blockchain in Q4 2024 and migrate its wallet infrastructure.

Major Broadcasting Rights

Myco’s live streaming division has secured major broadcasting rights through 2025. These include:

  • Cricket: ICC and Pakistan Super League for Pakistan, Willow TV for North America, World Squash Federation, and Egypt Squash Federation.
  • Football: English Premier League rights for Pakistan.
  • Other Sports: Asian Hockey Championship and Brave MMA.

In esports, Myco holds rights for games such as Counter-Strike 2, PUBG, and Valorant across the MENA region.

Future Growth and Expansion

Following recent expansions into North America and Egypt, Myco is exploring new growth territories. The company aims to complete a second closing of its Series A funding by early 2025, further solidifying its global position. For more updates on startups and innovations, stay tuned to our blog and visit Myco’s website

crafting a Pitch Deck That Captivates Investors

crafting a Pitch Deck That Captivates Investors

A well-structured pitch deck is essential for securing funding and attracting investors. To create a compelling presentation that leaves a lasting impression, follow these guidelines:

1. Understand Your Audience

Firstly, identify your target investors. Research their interests, investment criteria, and previous investments. Then, tailor your pitch to resonate with their specific needs and goals.

2. Tell a Compelling Story

To begin, grab your audience’s attention with a powerful opening statement or intriguing statistic. Next, structure your narrative with a clear and logical flow to guide investors through your business idea. Finally, highlight the problem you’re solving and how your solution provides value.

3. Showcase Your Solution

Explain your product or service in simple terms. Furthermore, demonstrate your unique value proposition by differentiating your solution from competitors. Additionally, provide evidence of market demand to support your claims.

4. Highlight Your Team

Showcase your team’s expertise and experience. Moreover, demonstrate their passion and commitment to your business and its mission.

5. Present Your Financial Projections

Provide a realistic and conservative financial forecast. Include key metrics such as revenue, expenses, and profitability. Justify your assumptions by explaining the basis for your projections and how you arrived at your numbers.

6. Outline Your Funding Request

Clearly state the amount of funding you are seeking. Explain how the funds will be used to achieve your business goals. Finally, highlight the potential return on investment for investors.

7. Practice and Seek Feedback

Rehearse your pitch multiple times to deliver it confidently and smoothly. Seek feedback from trusted advisors to identify areas for improvement.

Essential Slides for Your Pitch Deck

  • Title Slide: Company name, logo, tagline, and presentation title
  • Problem and Solution: Clearly define the problem your business solves and how your solution addresses it
  • Market Opportunity: Demonstrate the size and growth potential of your target market
  • Business Model: Explain your revenue model and how you plan to generate profits
  • Team: Showcase your team’s expertise and experience
  • Financials: Present your financial projections and funding request
  • Call to Action: Clearly state what you want investors to do (e.g., invest, partner, provide mentorship)

By following these guidelines and tailoring your pitch deck to your specific business and audience, you can create a compelling presentation that attracts investors and secures the funding you need.

Powder Beauty Secures Pre-Series A Funding to Expand in KSA

Powder Beauty Secures Pre-Series A Funding to Expand in KSA

Powder Beauty, a UAE-based e-commerce platform, successfully closed its pre-Series A funding round. Sophia Collective, founded by Sara and Magnus Olsson, and NKHEL, a fund by Zerodha founders Nithin and Nikhil Kamath, led the round. Several regional angel investors, including Maha Taibah, also contributed.

Empowering a Female-Led Vision

In 2018, Ayat Toufeeq, Amina Grimen, and Marriam Mossalli founded Powder Beauty, the Middle East’s first female-owned e-commerce platform focused on clean beauty. The company curates a selection of cruelty-free, eco-friendly products from both local and international brands. As a result, it quickly became a leader in the clean beauty segment, educating customers on sustainable beauty.

Fueling Expansion in Saudi Arabia

With this new funding, Powder Beauty plans to scale its operations in Saudi Arabia. The clean beauty market in the region is valued at $8.7 billion, with projections to grow to $39 billion by 2033. Powder Beauty intends to introduce exclusive brands to the region and expand its product categories, including skincare, haircare, makeup, and wellness.

Closing the Gender Gap in MENA Entrepreneurship

This investment directly addresses the gender gap in entrepreneurship within the MENA region. Sara Salhab, founder of Sophia Collective, highlighted that female-founded startups received only 1% of Middle East VC funding in 2023. By supporting Powder Beauty, Sophia Collective aligns perfectly with its mission to empower female founders and close the investment gap.

Redefining Beauty Standards

Co-founder and CEO, Ayat Toufeeq, expressed excitement about the company’s future. She stated, “We aim to build on our leading position in this fast-growing market.” Powder Beauty’s mission extends beyond profit, as it strives to shift beauty industry standards and make ethical, sustainable beauty products accessible across the Middle East.

Moreover, co-founder and CMO, Marriam Mossalli, emphasized the need for female representation in the beauty industry. She noted, “The multi-billion-dollar beauty industry sells primarily to women, yet men still run most of its biggest companies. I’m eager to see more female investors become owners within the beauty industry, transitioning from consumers to shareholders.”

Conclusion

In summary, with strong industry backing and a clear mission, Powder Beauty is set to lead the clean beauty movement in the Middle East. This pre-Series A funding marks a pivotal moment in the company’s journey, laying the foundation for continued growth and innovation.


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