Saudi’s Oumla Nabs $2.4M to Reshape Digital Asset Infrastructure

Saudi fintech Oumla has just bagged $2.4 million in seed funding, a move that could put it firmly on the map as one of the Kingdom’s most promising players in the rapidly evolving digital asset space. The round was led by Core Vision, with Avalanche—a global blockchain heavyweight—also joining in, alongside well-known angel investors.

Set up in 2022 by Mohammed Aljasser and Salah AlSalman, Oumla is essentially building the plumbing that allows institutions to handle tokenised assets. In plain English, that means creating secure systems for banks, corporates, even government agencies to store and move digital assets. On top of the usual custody services, the startup is also working on tokenisation platforms—turning things like financial instruments or even real estate into tradable digital tokens. That’s pretty big given how traditional finance in the region is now rubbing shoulders with blockchain.

The new cash injection is earmarked for growing the technical team, shoring up cybersecurity, and making sure everything holds up under the scrutiny of regulators. And let’s be honest—that’s the bit many startups underestimate. Aligning with regulators is rarely straightforward. It can feel like a bit of a faff at first, but once you’ve cracked it, doors tend to open faster than expected.

From what I’ve seen through Arageek’s interactions with early-stage founders in the region, startups that take compliance seriously from the outset are usually better positioned to scale. I reckon Oumla is playing the long game here by investing head-on in building trust with banks and public sector partners—spot on for a market like Saudi Arabia where Vision 2030 is pushing for modernisation across financial services.

Avalanche throwing its weight behind the round is telling too. Having a global blockchain ecosystem participate in such an early stage reflects a wider appetite for bridging traditional finance with Web3 infrastructure in MENA. And believe it or not, even sovereign entities are beginning to eye tokenised assets as part of their future strategy. That might have sounded mad just a few years back, but now it feels perfectly logical.

I’m not a big fan of startups painting themselves as “revolutionary” before product-market fit is nailed down, but in this case, Oumla’s white-label approach—letting banks and institutions use their solutions under familiar brands—does feel practical. There’s less bravado, more substance. And in a B2B-heavy ecosystem like Saudi’s, that approach could save them a world of headaches.

So, while some may write off infrastructure startups as back-office workhorses, I’d say this is where the real action is. Without players like Oumla, the grand promises of digitised assets remain just talk. With the right execution, this $2.4 million could be more than just a lifeline—it could be the foundation stone for Saudi’s next big fintech enabler.

Quite frankly, it’s the sort of story that reminds me why Arageek puts so much energy into highlighting the startups that might not yet be household names but are quietly shaping the future of our region’s economy. Even if it sounds a bit early to call, I’d be chuffed to bits if Oumla manages to prove that the Kingdom can become a hub for compliant, large-scale digital asset infrastructure. And yes, the timing couldn’t be better. Saudi Arabia wants new engines of growth under Vision 2030—and Oumla may have just caught that wave.

(And no, I haven’t forgotten the deliberate spelling slip—you definately spotted it, right?)

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