Saudi fintech LYNK raises new round of investment
Summary
The new funding will enable LYNK to introduce additional financial products to broaden its presence locally and internationally.In a significant move to reshape the fintech landscape in accordance with Islamic finance principles, LYNK has solidified its market position through a successful investment round and the establishment of strategic partnerships with industry stalwarts Al Fozan Holding and Ramla Holding Group. Abdulatif Ali Al Fozan, Chief Operating Officer of Al Fozan Holding, has stated: This strategic partnership, of which we are proud, with LYNK, a leading Saudi FinTech, is aligned with the Kingdoms ambitious 2030 Vision and with our belief in the significance of FinTech and its positive impact on improving performance efficiency, providing integrated services, and keeping pace with the digital future in the industry. Mr. Al Fozan added: We are determined to establish a strong presence in this developing sector that supports the national economy and enhances the financial services ecosystem.In his remarks, Mr. Thabet Alsubaie, CEO of LYNK, expressed his pride in being the first Saudi company to specialise in this field. He added, "LYNK is dedicated to expanding its scope of work and strengthening its position among prominent financial institutions by establishing strategic partnerships aimed at meeting the aspirations of customers and fulfilling market needs. With the Saudi Central Banks ongoing support, the aim is clear: to establish Riyadh as a global fintech hub, leveraging the innovations and services of LYNK and its partners.