Saudi fintech company JeelPay has raised $6.6 million (SAR 25 million) in a successful Pre-Series A funding round, attracting investments from Joa Capital, AlJazira Capital, and several angel investors.
Fueling Expansion and Innovation
The newly raised funds will be used to support JeelPay’s ambitious expansion plans. Known for its innovative “study now, pay later” scheme, the company enables parents to finance their children’s tuition upfront, easing financial pressure in the education sector.
JeelPay also plans to develop new financing solutions and strengthen collaborations with educational institutions, positioning itself as a key player in the GCC’s rapidly growing fintech ecosystem.
BNPL and Investor Interest on the Rise
The Buy Now, Pay Later (BNPL) model, especially in niche sectors like education, has garnered significant attention from investors. JeelPay’s success highlights the growing appeal of GCC startups in sectors beyond traditional commerce.
Michael Smith, an angel investor in the round, stated:
“The GCC market presents vast opportunities for innovation in fintech. JeelPay’s unique approach to education financing has immense potential to address a pressing need for families.”
IPO Plans and Regional Growth
With the Middle East startup ecosystem gaining momentum, JeelPay intends to launch an initial public offering (IPO) in Saudi Arabia by 2027. The company’s focus on education financing aligns with regional goals to advance the fintech and education sectors.
JeelPay’s funding success comes alongside news of other notable investments in the region. For instance, Middle East food tech startup Calo recently raised SAR 94 million in a Series B funding round.
JeelPay’s strategic growth plans and innovative offerings mark it as a promising player in the burgeoning GCC fintech landscape.
