Bwatech, one of Riyadh’s rising fintech players, has landed SAR 60 million ($16 million) in fresh capital, signalling the sector’s rapid expansion.
Led by Sharaka Financial, this investment round underscores growing investor confidence in B2B digital finance solutions amid Vision 2030’s digital transformation push.
As Saudi businesses struggle with multi-bank complexities, Bwatech’s platform emerges as a game-changer, streamlining corporate financial operations with cutting-edge tech.
Founded in 2020 by Hashem Al Hekail and Rasha Al-Oraini, Bwatech started as a response to the inefficiencies plaguing enterprise finance in the Kingdom.
Operating under the Saudi Central Bank’s (SAMA) Regulatory Sandbox since 2022, the company has rapidly evolved into a key player in corporate fintech infrastructure.
Headquartered in Riyadh, Bwatech’s mission is simple yet transformative: empower businesses to manage accounts, payments, and trade finance seamlessly across multiple banks.
At its core, Bwatech offers a unified digital platform that integrates open banking services, eliminating silos between financial institutions.
Key features include digital bank guarantees, digitising what was once a paper-heavy process, real-time account management, and API-driven integrations for enterprise systems.
Users access these tools via an easily navigable web portal, mobile app, or direct API connections, ensuring compliance and efficiency.
For instance, companies can issue guarantees instantly, track transactions in real-time, and optimise cash flow without switching between bank apps.
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This B2B focus addresses a critical gap in Saudi’s fintech boom, which has largely centred on consumer apps like buy-now-pay-later services.
The latest funding round was spearheaded by Sharaka Financial, a prominent Saudi investment firm with a track record in backing innovative startups.
While specific details on co-investors remain undisclosed, the SAR 60 million infusion values Bwatech’s potential in a market projected to reach $10 billion by 2025, per industry forecasts.
Hashem Al Hekail, Founder and Chairman, hailed the milestone: “This round marks a pivotal step toward building a more efficient digital financial infrastructure for businesses. We are pleased to have the trust of partners who share our vision for growth and expansion.”
Proceeds from the investment will fuel aggressive expansion. Bwatech plans to enhance its product suite, forge deeper partnerships with banks, and scale operations across the Kingdom.
This includes increasing API capabilities for smarter data analytics and AI-driven insights, helping SMEs and large corporates reduce administrative costs by up to 40%.
In a post-pandemic era where digital agility is non-negotiable, such tools are vital for Saudi firms navigating global trade.
This raise arrives at an opportune moment for Saudi fintech. With over 200 licensed firms and $2.5 billion in investments since 2020, the sector is outpacing regional peers, driven by SAMA’s progressive regulations and Vision 2030’s emphasis on non-oil diversification.
Bwatech’s success highlights a shift toward enterprise solutions, complementing consumer-focused unicorns like Tamara.
As open banking mandates take hold, platforms like Bwatech could capture 15-20% of the corporate finance market by 2030, fostering economic resilience.
Looking ahead, Bwatech’s trajectory promises ripple effects. By democratising access to advanced financial tools, it empowers under-represented SMEs, boosts GDP contributions from fintech (targeting 2.5% by 2030), and positions Saudi Arabia as a MENA fintech hub.
Challenges remain in cybersecurity and legacy system integrations but with Sharaka’s backing, Bwatech is primed to overcome them.
Bwatech’s $16M funding isn’t just capital; it’s a vote of confidence in Saudi’s digital future. As businesses digitise, expect this fintech innovator to lead the charge, turning bureaucratic hurdles into seamless opportunities.
For entrepreneurs eyeing Saudi’s booming market, Bwatech exemplifies how targeted tech can drive sustainable growth.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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