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Saudi fintech firm raises $3.2m in seed funding

RIYADH: EdfaPay, a Saudi-based fintech startup that helps companies use their smartphones for payment, has raised $3.2 million in a seed funding round. The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors. EdfaPay aims to utilize the capital to strengthen its operations in the Kingdom and expand to Pakistan and South American countries.
Business

Cargoz, a UAE-based logistics startup, receives funding from Nama Ventures and RAZ Group

CAIRO: Saudi venture capital firms are bolstering the regional startup funding landscape, with Nama Ventures and RAZ Group leading the investment round to support the expansion of the UAE-based logistics startup Cargoz in the Kingdom.  Cargoz, often called the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group and a select few angel investors from the UAE and Saudi Arabia who are key players in the logistics industry. 
Business

Big inflows in US money market funds due to debt ceiling caution

BENGALURU: US money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling, according to Reuters. According to Refinitiv Lipper data, US money market funds received a net $39.9 billion of inflows, the biggest week of net buying in four weeks.
sport

Gamers Without Borders raises $10 million for charity

RIYADH: Gamers Without Borders, the world’s largest charitable esports event, has concluded this year’s edition by raising a total of $10 million for its humanitarian aid partners. The money will go to Direct Relief, International Medical Corps, UNICEF, King Salman Humanitarian Aid and Relief Center, the UN’s World Food Programme and the UNHCR. The donations were made by teams, players and gamers worldwide. The funds will be used for urgent humanitarian projects and add to the work achieved through the $30 million in donations from the GWB’s three previous editions.
Business

Report: UAE Investors Can Bridge UN SDG Funding Gap

RIYADH: Transition investment could be the linchpin in the UAE’s efforts to meet the global funding gap of $4.3 trillion per year to achieve the UN Sustainable Development Goals by 2030, a research report indicated.  New York University Abu Dhabi’s Transition Investment Lab in its annual report suggested that the UAE’s institutional investors should focus on transition investment — a strategy aimed at achieving socio-economic impact along with financial returns — to overcome the funding gaps. 
News

Challenges After Venezuela Summit: A Tough Road Ahead

Conference in Colombian capital marks positive step, analysts say, but quick fix to Venezuelan crisis unlikely.
News

Fugees Rapper Convicted in US 1MDB Case

Prakazrel Michel was convicted on 10 counts after a trial featuring high-profile witnesses including Leonardo DiCaprio.
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