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  • Saudi FinTech EdfaPay secures $5m in pre-Series A funding round

    EdfaPay provides a comprehensive suite of financial tools tailored for startups, freelancers, entrepreneurs, and SMEs. Its solutions include SoftPOS technology for seamless transactions via smart devices, a secure payment gateway for e-commerce, and automated e-invoicing tools. All these features are accessible through a unified, real-time dashboard designed to simplify financial management for businesses. The newly secured funds will enable EdfaPay to strengthen its presence in Saudi Arabia, expand its reach across the MENA region and Pakistan, and develop its payment infrastructure in Oman.

  • Saudi Fintech Lean Raises US$67.5m in Series B Funding Round

    Lean Technologies, a Riyadh-based financial infrastructure provider that enables businesses to embed banking services into their platforms, has secured US$67.5m in Series B funding led by General Catalyst. The investment brings Lean's total funding to more than US$100m and positions the company to expand its open banking services across the Middle East and North Africa (MENA) region. General Catalyst, a Silicon Valley venture capital firm known for investments in high-growth technology companies, led the round. Other participants included Bain Capital Ventures, Duquesne Family Office - managed by investor Stanley Druckenmiller - Arbor Ventures and Saudi Venture Capital.

  • Tawaref series: Saudi tax system explained

    A deep understanding of the tax system is one of the most critical factors for business success in any country, and Saudi Arabia is no exception. As the Kingdom continues to develop its tax laws and regulations, businesses need to be well-informed to navigate this evolving landscape. Over the years, Saudi Arabia has continuously developed its tax system to diversify revenue streams and bolster economic growth. In this article, we’ll provide an overview of the key taxes within the Kingdom and explain how each is calculated and applied.

  • Tawaref series: A step-by-step guide to Saudi Iqama process

    The Iqama is a residency permit issued to foreign nationals living and working in Saudi Arabia. It is a crucial document for any expatriates, including foreign investors who wish to reside in the country with their families. Although you can start working in the country without an Iqama, most services are blocked.

  • Tawaref series: A step-by-step guide to Saudi Iqama process

    The Iqama is a residency permit issued to foreign nationals living and working in Saudi Arabia. It is a crucial document for any expatriates, including foreign investors who wish to reside in the country with their families. Although you can start working in the country without an Iqama, most services are blocked.

  • Tawaref series: What you need to know about Saudi specialised licences

    After obtaining one of the 13 standard Licences (commercial, service, transport, etc), a business is legally registered in Saudi. However, they may be required to apply for additional Licences due to the nature of their business activities before they start operating. These additional permits are referred to as special Licences, as they are only needed under specific industry conditions. You can browse the many types of special Licences on the Saudi Business Centre website, where each Licence is classified by sector.

  • Tawaref series: Company formation in Saudi from A to Z

    For a company to properly align itself in the Saudi market, it's crucial to implement these processes successfully. We find that sometimes even local Saudis struggle to grasp these concepts. Even one misstep can be costly in the long run, so we highly recommend hiring a knowledgeable lawyer/Saudi setup partner to guide you through the process.

  • Saudi Syarah closes $60 million in a Series C round

    Saudi Arabia-based autotech Syarah has raised $60 million in a Series C round, led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures, bringing the total investment to date to more than $82 million.

  • Saudi fintech Malaa secures $17.3 million Series A

    Saudi Arabia-based fintech Malaa has closed a Series A funding round at $17.3 million, led by SNB Capital, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.

  • Tawaref series: Saudi entrepreneurship license at a glance

    Offering unique benefits not available in traditional licence tracks, the entrepreneurship licence is a one-of-a-kind opportunity designed to foster innovation and support startups. Entrepreneurs who are granted this licence gain access to reduced licensing fees, premium residency eligibility, and entry into one of the top business ecosystems of the world. Once you secure this licence, you are free to conduct business in Saudi Arabia; no other steps are required.