Abu Dhabi-headquartered startup Mal has raised $230 million in what is described as the largest seed funding round in the Middle East and Africa. Consequently, the investment highlights growing investor appetite for large-scale digital banking platforms targeting underserved markets.
The digital banking platform was founded by Middle East businessman Abdallah Abu-Sheikh. Moreover, the round was led by global investment firm BlueFive Capital, alongside strategic investors and family offices, underscoring confidence in the platform’s long-term growth potential.
Digital banking platform targets Islamic finance growth
Mal is being developed as a mobile-first digital bank designed to tap into the $7 trillion Islamic finance market. Additionally, the platform aims to serve the global Muslim population and underbanked communities through AI-native infrastructure.
Although the product remains under development, the company plans to launch later this year. Therefore, the initiative is positioned to enter the market as demand for Shariah-compliant and technology-driven financial services continues to rise.
Expansion strategy for the Islamic finance platform
The newly secured capital will be directed toward product development and regulatory licensing. As a result, the company plans to roll out the digital banking platform in phases, prioritising key markets across the Middle East and Asia.
Phased launch supports regional scale-up
The phased expansion model is intended to support controlled growth while adapting to diverse regulatory environments. Moreover, the strategy reflects a broader shift toward digital-first banking solutions that combine artificial intelligence with scalable infrastructure to reach large, underbanked populations.
