Riyadh – Mubasher: Software as a service (SaaS) provider Merit raised $12 million in its pre-Series B funding round led by Alistithmar Capital i-Cap, the esteemed investment arm of the Saudi Investment Bank (SAIB).
The fundraising transaction was followed by existing Series A investors, Tech Invest Com and Hambro Perks Oryx Fund, according to a recent press release.
Merit will use the new round to develop its technology and enhance customer engagement.
This builds upon the Series A investment of $5 million that was announced in 2021 with Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and several regional angel investors.
In 2023, Merit witnessed a notable surge, with a compound annual growth rate (CAGR) exceeding 60% and a substantial increase in its user base by 80%, launching over 100 instances across 20 additional countries.
In line with its growth strategy, the company plans to secure value for its international user base and community partners worldwide.
Julie Barbier-Leblan, CEO of Merit, commented: “ As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia's tech innovation ecosystem is something we are particularly pleased about.”
“Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we're confident that our proprietary engagement solutions will meet the needs of our users," the CEO added.
The listed bank’s funding into Merit is the first investment of the newly launched SAIB Venture Studio, which has been created to launch new initiatives for customers in technology and fintech.
Faisal Al Omran, CEO of SAIB, highlighted: "This strategic collaboration with Merit aims to launch innovative digital solutions to the market.”
“It comes as an outcome of the untiring efforts by SAIB Venture Studio, to invest in innovative technologies and fintech companies, and launch a stream of initiatives in fintech and loyalty programmes,” Al Omran indicated.
