Cashee, a Dubai-based teenage digital banking startup, announced recently that it has closed its series A funding round by raising $3 million. This round was co-led by Arab National Bank and ANB Capital. 

The FinTech start-up raised $1m in a pre-seed funding round in July last year.

According to Aiedh AlZahrani, ANB’s Chief Operating Officer and Head of Retail Banking, the partnership aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture among Saudi youth in a way that will encourage savings and financial literacy. The strategic agreement with Riyadh-based lender ANB will pave the way for Cashee to expand in Saudi Arabia.

Founded by by Mr Whitfield and Smeetha Ghosh in 2020, Cashee has a goal of enhancing financial literacy in the MENA region and equipping youth with smart financial skills. The platform offers parental control over children’s transactions and grants teens a free digital banking software and prepaid card to manage their money wisely. The Cashee app allows parents to monitor chores, transfer money to their kids, and set flexible spending limits.

In March this year, Cashee joined Visa International’s FinTech Accelerator Programme, which aims to enhance digital payment solutions for younger generations.

According to Magnitt, venture capital funding for start-ups in the Mena region rose by 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investment attracted in 2021.

Egypt, the UAE and Saudi Arabia retained the top three positions in terms of both funding value and number of deals, capturing more than 75 per cent of overall Mena investments, Magnitt said.

FinTech remained the leading industry during the period, with 94 deals valued at $747m, which is an annual increase of about three quarters.