UAE’s Fintech Startup Cashee Raises $3 Million in Series A Round
Cashee is on a mission to become the GenZ banking platform of choice.
Cashee, a UAE-based digital banking platform for teenagers, has raised $3 million in a series A funding round led by Arab National Bank and ANB Capital.
Founded in 2020 by Smeetha Ghosh and Brad Whittfield, Cashee aims to empower youth with smart money skills and improve their financial literacy in the MENA region. It does this by providing them with a prepaid card and a digital application to manage their money, while having parental control and oversight of their transactions.
Parents can use the Cashee app to transfer money to their children, manage chores, and set flexible controls on how much they can spend. “Closing our Series A funding represents a significant and important milestone for Cashee,” said Brad Whitfield, co-founder of 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."
The funding will be used to expand its application to Saudi Arabia. Last year, the fintech startup raised $1 million in a pre-Seed funding round to roll out its platform in the UAE.
Fintech is a leading industry for VC funding in the MENA region. In the first three quarters of this year, $747 million was invested in fintech startups over 94 deals, which is an annual increase of about three quarters, according to data platform Magnitt. Some fintech startups driving this growth in the UAE include Pyypl raising $11 million in a Series A round; Zenda raising $9.4 million in a Seed round; and Zywa, raising $3 million also in a Seed round.