Saudi Fintech MoneyMoon Secures $2.9M to Revolutionise Peer-to-Peer Lending

Saudi fintech startup MoneyMoon has wrapped up a $2.9 million pre-Series A round – roughly 11 million riyals – with Core Vision at the helm, joined by family offices and a handful of angel investors. Not bad at all for a company that only kicked off last year.

The platform bills itself as the first in Saudi Arabia, and indeed across the region, to let individuals lend directly to one another online in a model that stays in line with Islamic finance principles. They’re doing it through a murabaha structure, which essentially means profit is agreed upfront rather than charging interest. On paper, that makes it more transparent – and, I reckon, less of a headache for everyday borrowers.

Born in 2023 thanks to founder Abdulmajid Alaskar, MoneyMoon already secured approval to operate under the Saudi Central Bank’s regulatory sandbox. In practice, that gives them a safe testing ground before scaling wider. The offer is simple: short-term lending with instant approvals for borrowers, and flexible investment opportunities for those willing to back them. The clever part? They’re using machine learning to assess creditworthiness – spotting risks quickly without slowing down access to cash. Spot on for small businesses that often complain about being left waiting.

Of course, raising money’s only half the battle. Now comes proving they can actually balance speed with investor protection, which is easier said than done. And believe it or not, this push also ties neatly into Saudi Arabia’s Vision 2030 ambitions – boosting financial inclusion, pushing digitalisation, and encouraging local innovation.

I’ve seen founders across the MENA region battle with traditional financing – one young entrepreneur once told me he spent six months chasing a small bank loan, only to be buried under paperwork. It was, if you’ll excuse the phrase, a bit of a faff. Platforms like MoneyMoon, if they hold their nerve, really could cut through some of that red tape and give people quicker routes to growth.

That said, early-stage fintech carries its own risks, and not every bold idea survives in the long run. But for now, I’d say the team has earnt the right to be chuffed to bits. With fresh backing and a distinctive proposition, MoneyMoon has put itself firmly on the Saudi startup map – and possibly set the stage for others to follow. Pretty exciting stuff, even if the road ahead will definately test them.

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