Hakbah digitizes traditional group savings (Jameya) into a social savings platform and offers a readily integrable savings engine that can connect with any banking system in less than a week. The product enables rotating pooled funds among members to encourage purposeful, collective saving and to improve financial inclusion and literacy. Hakbah serves Saudi Arabia's $216 billion savings market and reports a customer base of over 500,000 users, 70% of whom are aged 21–35. The company recorded an 18x increase in total savings under management and a 4x increase in revenue this year. It plans to use new capital to advance machine learning, accelerate product development, and recruit top regional talent. Hakbah also intends to enter two regional markets soon via strategic alliances or partnerships.

Total raised

$5M

Funding rounds

1

Latest round

Series A

Latest activity

Jan 2024