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Zest Your Equity | 4-September-2024

Zest Your Equity | 4-September-2024

How a fully digitized anti-money laundering program can help you verify your business stakeholders.

Ghalia from Zest
September 04, 2024

This week’s agenda 📜

Our blog ✍️
Startup fundraising? 💰
M&A activity 🤝
What we’re reading 📖
Zest in the news

Let’s dive in 👇

Our Blog ✍️

A company’s anti-money laundering (AML) program is the foundation for understanding who your business stakeholders are.

Leveraging a fully digitized AML program can lead to a better customer experience, a reduction in the time it takes for most customers to be approved, and greater security measures for all participants in global financial markets.

In our latest article, we explain what anti-money laundering is, how customers and stakeholders are verified, and the benefits of designing a robust and fully digitized AML program.

You can read it here.

Who’s Raising? 💰

🇸🇦 Saudi Arabia-based autotech Syarah has raised $60 million in a Series C round, led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures, bringing the total investment to date to more than $82 million.
🇦🇪 UAE-based fintech Ziina has raised $22 million in a Series A funding round, led by US-based Altos Ventures, along with other investors including Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.
🇸🇦 Saudi Arabia-based fintech Malaa has closed a Series A funding round at $17.3 million, led by SNB Capital, with participation from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.
🇦🇪 UAE-based Web3 streaming platform myco has completed the first closing of its Series A funding of $10 million at a post-money valuation of $80 million.
🇦🇪 UAE-based HRtech Cercli has raised $4 million in a Seed round, led by Afore Capital.
🇦🇪 UAE-based Web3 services provider Verofax has raised $3 million in a bridge round, led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK.

M&A Activity 🤝

🇸🇦 Saudi Arabia-based fintech Tabby has announced finalizing an acquisition deal of Tweeq, a Saudi-based digital wallet licensed by the Saudi Central Bank (SAMA). Source.
🇰🇼 Kuwait-based proptech Sakan has acquired the Qatari company Hapondo for an unknown amount. Source.
🇦🇪 UAE-based open banking platform Tarabut has acquired the London-based fintech Vyne. Source.

What We’re Reading 📖

As global VC interest shifts to MENA fintech, now is the time for local startups.

Western investors are increasingly drawn to the local startup scene.

Gulf investors launch $200 million Waad Investment firm to support regional startups

A coalition of investors and GCC-based family offices have launched “Waad Investment," an investment firm with a targeted value of $200 million, led by investor Yaser AlGhamdi in collaboration with the AlMajed and AlMisfer family offices.

UAE second in the world in number of foreign direct investment projects with a growth of 33%

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday highlighted the remarkable growth of the business landscape in the country.

UAE's BRICS membership fosters new growth opportunities, global development

The UAE's inclusion in the BRICS group as an active member has significantly supported the country's long-standing approach of building partnerships with countries, international organizations and institutions to enhance the competitiveness and sustainability of its economy and explore new growth opportunities.

Dubai, Abu Dhabi ranked best destinations for executive digital nomads

Since the pandemic, a growing number of executives have embraced the digital nomad lifestyle, with the United Arab Emirates (UAE) emerging as a top destination.

Measuring Legislative Predictability: The Case of the Kingdom of Jordan and Implications for the MENA Region

Laws and regulations represent a central tool for governments to achieve policy objectives, and they also represent a fundamental condition for making desirable individual and business decisions.

Saudi Arabia's fintech sector rakes in $1.84 billion in VC funding since 2018

A report emphasizes the growth of fintech startups in Saudi, with the kingdom leading the way in the MENA region.

Saudi Arabia's PIF secures $15 billion credit facility to boost investment flexibility

The revolving credit facility has a three-year initial term with a two-year extension option.

NEA quietly reenters the secondaries market

New Enterprise Associates (NEA) is getting back into the secondaries game. The Silicon Valley-based VC raised more than $468 million for NEA Secondary Opportunity Fund.

Investors are already valuing OpenAI at over $100B on the secondaries market

Rainmaker Securities has seen investors bid on OpenAI shares at prices that value the company at up to $143 billion.

Talabat to go public: Delivery Hero eyes 2024 IPO for MENA food delivery and quick commerce business -

Delivery Hero is preparing to list its Middle East & North Africa business, Talabat, on the Dubai Financial Market in Q4 2024, it announced today. \

Zest in the news

This week, Zest participated in a panel discussion hosted by Viaka on the topic, “From Deck to Dollars: Preparing for Your First Raise.”

We enjoyed discussing what entrepreneurs should expect while fundraising in today’s market and how you can be successful in today’s fundraising climate.

Thank you to Viaka for hosting a thoughtful panel talk on this topic.

Zest also participated and had a booth at 24 Fintech, a regional fintech conference held in Riyadh, to discuss innovation in the MENA region and the expected cross-border growth of the fintech sector in the coming years.

This was a great event with many leaders in the fintech space attending to discuss what the future looks like for the sector.

Want to learn more? Schedule a time with our team below!