Riyadh - Sharikat Mubasher: Resal, the Saudi provider of digital card solutions, successfully closed a $9 million Series A round, with participation from Derayah Venture Capital Fund, Al Wafra Al Thanya, VentureSouq (VSQ), Ad Diriyah Asset Management, Nomd Holding, and Bugshan Investment Company, along with several individual investors.

In a statement, Resal unveiled that it will utilize the proceeds to expand its businesses in Saudi Arabia by tapping into new sectors, launching innovative products for alternative payment solutions, expanding its network, and enhancing infrastructure across various sectors.

Hatem Kameli, Co-founder and CEO of Resal stated that the round is a testament to Resal’s leading role in developing an active digital platform that contributes to providing innovative solutions and enhancing the Saudi digital economy, in alignment with Vision 2030.

Kameli noted that the company serves more than 1.5 million users and over 1,000 entities and organizations in more than 15 sectors.

For his part, Faris Al Rashed, Managing Partner at Derayah Venture Capital Fund, highlighted Resal’s dedication to upgrading loyalty programs and enhancing the fintech industry in Saudi Arabia and the GCC.

Resal provides end-to-end solutions for issuing, managing, and distributing prepaid digital cards, enabling brands and merchants to issue and distribute prepaid digital cards through its network.