Abu Dhabi-based fintech startup Mal has raised $230 million in a deal described as the largest seed funding round across the Middle East and Africa.
Founded by regional entrepreneur Abdallah Abu-Sheikh, the digital banking platform secured the investment from global firm BlueFive Capital, which led the round, alongside strategic investors and family offices.
Designed as a mobile-first digital bank, the platform aims to capitalise on the USD 7 trillion Islamic finance market. The product remains under development and is scheduled to go live later this year.
The platform will be built on AI-native infrastructure, with a focus on serving the global Muslim population as well as underbanked segments.
The newly raised funds will be deployed towards product development and regulatory licensing, with the bank planning a phased rollout across key markets in the Middle East and Asia.
