With the new investment, the startup is set to take a big leap towards its goal of a fully-integrated fintech platform.
Saudi-based fintech and digital POS provider, CashIn, has secured $1.6 million in a new funding round led by prominent investors across the region including BIM Ventures and a handful of undisclosed angel investors.
Founded in 2021 by Omar Al-Rammah, Obay Al-Madhi and AbdulKarim Zureik , CashIn is on a mission to deliver digital payment solutions, virtual points-of-sale and a wealth of fully integrated payment features on one platform. The startup has a double-pronged approach: digitising offline sales operations, while also providing retailers with a regulated structure for government-approved ecommerce transactions.
CashIn has fostered relationships with several government entities including ZATCA, making it one of the first providers of electronic solutions in compliance with e-invoicing requirements. The startup has also been avidly working to expand its network, partnering with banks and critical stakeholders.
This recent round places CashIn in a prime spot to lead the market with a fully-fledged digital payment solution and E-invoicing. Omar Al-Rammah CEO of CashIn, commented: “The Kingdom of Saudi Arabia is undergoing a rapid growth in the FinTech and technology sectors in comparison to other countries, and we are keen in CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 vision by providing advanced and holistic technical solutions for related parties in cooperation with our partners from the government, banking, and private sectors”.