Saudi P2P Lending Platform MoneyMoon Secures $2.9 Million Pre-Series A Funding
Saudi Arabia’s fintech landscape is continuing to evolve, with MoneyMoon, a pioneering Sharia-compliant peer-to-peer (P2P) lending platform, recently securing $2.9 million in a pre-Series A funding round. This investment, spearheaded by Core Vision and supported by various family offices and angel investors, signals growing confidence in the potential of fintech solutions within the Kingdom.
Scaling Sharia-Compliant Fintech in Saudi Arabia
MoneyMoon, founded in 2023 by Abdulmajeed Alaskar, operates under the regulatory sandbox of the Saudi Central Bank (SAMA). The platform distinguishes itself by offering Murabaha-based, Sharia-compliant P2P financing. The newly acquired capital will be strategically deployed to enhance MoneyMoon’s technological infrastructure, broaden access to immediate, short-term financing options, and contribute to Saudi Arabia’s Vision 2030 goals of fostering financial inclusion and driving innovation within the financial sector. MoneyMoon utilizes machine learning to evaluate creditworthiness, striking a balance between rapid financing and safeguarding investor interests through instant approvals and flexible investment opportunities.
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