Kuwaiti fintech Ruba raises pre-Seed round
Summary
Founded in 2021 by Ameen Nadoom, Fawaz Al-Rashdan and Menawer Al-Azmi, Ruba allows parents to pay their childrens school tuition in instalments every academic year, while educational institutions get access to capital upfront.Fintech startup Ruba, a platform that aims to make education accessible to all, announced that it has raised an undisclosed amount in an oversubscribed pre-Seed funding round.Ruba addresses a pain point in relation to school fees. A win-win solution for all.As per The Boston Consulting Group, the GCC private education market is growing exponentially, with an expectation to reach $26 billion by 2023.Ruba was founded in November 2021 by three Kuwaiti entrepreneurs, Ameen Nadoom, Fawaz Al-Rashdan and Menawer Al-Azmi. Their collective experience covers Management Consulting, Banking, Telco and Retail in the GCC and North America.Parents are seeking to invest in a better future for their kids and schools want to focus all their efforts on providing high-quality education. However, due to market needs, we have shifted our focus to offering Shariah-compliant Enroll Now, Pay Later (ENPL) solutions for private schools and nurseries in the region, and have a plan to cover universities as early as next year. Geographically, we are present in Kuwait but are expanding to the region, with KSA being the first in early 2023.Menawer, CTO of Ruba, highlights that they have built a fully digital, API-first platform that caters to parents as well as educational institutions.