Riyadh – Mubasher: Saudi financial institution Nayla Finance has secured $4 million in a seed funding round, led by Sanabil Venture Studio by Stryber, according to a press release.
Nayla will use the funds to expand its products and business, deploy an additional $2.70 million in debt financing to build the loan book and provide essential capital to micro-businesses across Saudi Arabia.
The company will enhance its data-powered credit scoring for faster and more accurate lending decisions. This is in addition to scaling its reach through strategic partnerships within key sectors, such as food and beverage (F&B), e-commerce, and retail.
Shaqran Alyahya, Co-Founder and CEO of Nayla, commented: “We are building what others hesitate to—empowering important drivers of the Saudi economy with financial solutions designed for their reality.”
Khalid Naili, Co-Founder and Chief Risk Officer of Nayla, mentioned: “By leveraging technology, alternative data, and advanced risk models, we are redefining creditworthiness and unlocking financing for businesses that drive the economy.”
Nayla aims to simplify the lending process through data-driven credit assessments and a seamless digital journey to enable small business owners to access financing without the friction of traditional banking requirements.
