Saudi Arabia-based financial services provider Arab National Bank (anb) has agreed to make an investment in Cashee, according to the press release posted on Zawya.
The value of the investment, which was part of Cashee’s Series A round, was not disclosed.
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According to The National, the teenager-focused platform raised $3m in Series A led by anb and ANB Capital.
Cashee is a UAE-based fintech specialising in developing banking and financial education platform for young customers.
The investment from anb will allow the fintech to launch its banking, financial education offerings, applications and products in Saudi Arabia.
anb hopes to leverage Cashee’s platform to support its banking awareness activities targeting a young audience while expanding the scope of financial knowledge and inclusion.
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By GlobalDataanb chief operating officer and head of retail banking group Aiedh AlZahrani said: “The strategic partnership agreement with Cashee is an additional step on the bank’s digital transformation journey that aims to empower bank initiatives in the field of financial technology and digital banking and to expand the scope of financial inclusion.
“The partnership between anb and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture amongst Saudi youth, in a way that will encourage savings, financial literacy and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.”
Dubai-headquartered Cashee was founded in 2020 and it offers a free digital banking app, a prepaid card, and parental control over transactions.
Cashee co-founder Brad Whittfield said: “Closing our series A funding represents a significant and important milestone for Cashee. We consider ANB a perfect fit given their trusted and prominent brand, wide presence and the fact they are one of the most prestigious banking institutions in the Mena region. This investment is part of an ambitious regional expansion plan into Saudi Arabia.”
