Saudi digital payment solutions startup, CashIn, gets $1.6m in funding

Published 19 Sep,2021 via Arab News - Economy DUBAI - Saudi financial technology startup CashIn has raised SR6 million ($1.6 million) in its latest funding round, as the industry grows bigger due to evolving consumer habits.

The startup provides digital payment solutions, virtual points of sale, and other payment features to businesses who are looking to manage sales in an integrated platform.

It comes as a new e-invoicing rule in the Kingdom is set to be implemented, with CashIn partnering with the government sector to fully comply with it, the startup said in a statement.

“The Kingdom of Saudi Arabia is undergoing rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen on CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 vision,” its chief executive officer Omar Al-Rammah said.

The seed round was led by BIM Ventures and a number of angel investors, the startup said.

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