Saudi Arabia-based fintech Arib has raised $23.5 million in a funding round led by Merak Capital.
The round included Sharia-compliant Murabaha financing facilities, highlighting growing demand for Islamic fintech and digital lending products in Saudi Arabia.
Founded in 2018 by Omar Alhammad, Mohamed Dessouky, and Waleed Talat, Arib operates a digital financing marketplace connecting users with banks and licensed lenders.
Arib plans to use the funding to strengthen its technology infrastructure, expand operations, and launch additional financing products for individuals and businesses.
In 2022, Arib closed a $2.3 million seed round, led by Merak Capital.
