Egyptian fintech startup Yalla has signed several agreements with major financial companies and institutions that will see it expand operations into Saudi Arabia.
Yalla is a financial super app for all daily financial and non-financial needs, which allows users to send and receive money, pay merchants online and offline, and place orders.
The startup has so far garnered approximately two million users, with over seven million transactions processed through the app. It is now set on expanding into Saudi Arabia this year, having signed a variety of agreements, including a memorandum of understanding with Alinma Bank and Digital Pay.
“The launch of Yalla in the Saudi market is a pivotal milestone for the company. It follows a comprehensive study of the needs and expectations of various individual and corporate customers in the Kingdom, building on the unprecedented success achieved by the Yalla platform in Egypt,” said Dr Waleed Sadek, founder and CEO of Yalla.
“Additionally, after the launch of the app in the UAE earlier this year, a significant market in the region, we aim to attract approximately one million Saudi users to the Yalla platform during the first year of operation, offering the best possible services that cater to the desires and needs of our customers in the Kingdom of Saudi Arabia.”