Prime Highlights:
- Stream, a Saudi fintech startup, raised $4 million in seed fundingto simplify business payments across the MENA region.
- The funding will help Stream enhance its product, strengthen compliance, and expand its customer base.
Key Facts:
- The round was led by Outliers VC, with support from BYLD Venturesand Careem Co-founder Abdullah Elyas.
- Founded in 2024 by Ibrahim Aldlaigan, Stream automates billing and payments for businesses, from invoicing to cash flow tracking.
Background:
Stream, a Saudi-based fintech, has raised an amount of 4m in seed funding to facilitate making business payments within the MENA region. Outliers VC headed the round, with support being given by BYLD Ventures and the co-founder of Careem, Abdullah Elyas.
Stream was established in 2024 by Ibrahim Aldlaigan, and it automates billing and payments, which means that businesses can send invoices, schedule payments, and monitor cash flow. The funds will be used to upgrade the products and grow the customer base.
Stream first worked with early childhood education businesses and has now expanded into schools, SaaS platforms, and other sectors, supporting more companies across the region. The platform has recorded a 40% month-on-month growth rate, processing millions of dollars in payments for thousands of customers across the region.
“Most of the world’s innovation in payments has focused on how people spend. We’re focused on how businesses get paid,” said Ibrahim Aldlaigan, Founder and CEO of Stream. “This round helps us build tools and infrastructure that make getting paid as seamless in MENA as it is anywhere else.”
According to the Saudi Central Bank’s Payments Usage Study 2023, the total value of payment transactions in Saudi Arabia reached USD 4.8 trillion, with about 70% of retail payments now digital. However, recurring payments, such as tuition fees, subscriptions, and rent, account for only about 7% of all consumer transactions, revealing a major opportunity for growth that Stream aims to address.
General Partner at Outliers VC, Sarah AlSaleh, stated, Stream is an excellent company, which really knows the local business and is constructing the future of the payment system in the region.
Stream is rapidly developing as an important player to enhance digital payments to businesses in the Middle East and North Africa through the strength of its investors and the expanding market.
