Saudi-based Arab National Bank (anb) has recently announced that it has reached an agreement to invest in Cashee, a UAE-based fintech that specializes in developing banking and financial education platform for young customers, to acquire a stake in the latter.
The Saudi lender however did not disclose the amount of the share it took over nor its value in its press release.
The investment is in line with anb’s efforts to enhance its banking awareness activities that target young generations and expand the scope of financial knowledge and inclusion, leveraging Cashee’s platform. It will also help Cashee to roll out its banking, financial education offerings, applications, and products in the Saudi market, said a press statement.
Aiedh AlZahrani, anb’s Chief Operating Officer and Head of Retail Banking Group, said,
“The strategic partnership agreement with Cashee is an additional step on the bank’s digital transformation journey that aims to empower bank initiatives in the field of financial technology and digital banking, and to expand the scope of financial inclusion.
The partnership between anb and Cashee aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture amongst Saudi youth, in a way that will encourage savings, financial literacy, and other worthwhile goals, as a contribution from the bank to achieving one of the primary goals of Vision 2030.”
Brad Whittfield, Co-Founder of Cashee, considered signing up anb constitutes an important addition to the company and a strong catalyst for its expansion plans. He said,
“Closing our Series A funding represents a significant and important milestone for Cashee. We consider ANB a perfect fit given their trusted and prominent brand, wide presence, and the fact they are one of the most prestigious banking institutions in the Mena region. This investment is part of an ambitious regional expansion plan into Saudi Arabia.”
Cashee, headquartered in Dubai, was established in 2020 to improve financial literacy levels among the youth in the MENA region. It offers teens aged 13 and above a free digital banking app and a visa prepaid card to enhance financial inclusion, promote a saving culture and improve the way the youth manage their money. Cashee also allows parental control over children’s transactions on available smart applications.
In March 2022, Cashee joined Visa International’s FinTech Accelerator Program, which aims to enhance digital payment solutions for the younger generations.