Riyadh – Sharikat Mubasher: Saudi fintech Vrtx, an embedded finance platform that helps businesses integrate financial services into their products, announced it has closed a $3.6 million pre-seed funding round backed by seven investors.
As per the company’s press release, the round included SC Ventures by Standard Chartered, Sadu Capital, BYLD, Suhail Ventures, F6 Ventures, TAZ Investment, and Palm Ventures.
Founded by Mishal Bin Slimah and Omar Shaaban, Vrtx provides infrastructure for businesses to integrate financial services, including digital wallets, payouts, card issuing, transfers, and transaction processing.
The startup has received in-principle approval from the Saudi Central Bank (SAMA) for an electronic money institution (EMI) license, marking a step toward operating within the Kingdom’s regulatory framework.
Vrtx aims to help businesses launch financial products more efficiently by providing the technology and operational infrastructure needed to manage transactions and financial services.
On this occasion, Mishal Bin Slimah, Co-Founder and CEO of Vrtx, said the company aims to make financial capabilities accessible to businesses without requiring them to build the underlying infrastructure from scratch.
