Arib targets Saudi digital lending boom with $23.5M funding round

Arib, the Saudi digital financing marketplace, raised $23.5 million in a funding round led by Merak Capital. The round included Sharia-compliant Murabaha financing facilities. Arib connects users with banks and licensed lenders through a digital platform. The funding will support expansion, product development, and new financing products. The move reflects growth in Saudi Arabia's fintech sector.