Yabi Raises $8M in Seed Round to Drive Financial Literacy Programs in Saudi Arabia

Yabi, a startup focused on financial literacy and backed by Shuaa Capital, raises $8 million in a seed investment round to expand its services in Saudi Arabia. Launched in the UAE earlier this year, Yabi's financial literacy app provides structured masterclasses on personal finance to enrolled employees of organizations like Careem, Majid Al Futtaim, and others.

In alignment with the Saudi Vision 2030, Yabi aims to increase financial literacy and savings levels in Saudi Arabia. The platform addresses the country's goal of bringing its savings rates closer to the global average of 10%. The app launched in Saudi Arabia in November, offering courses in both Arabic and English and plans to introduce two new courses each month.

According to Yabi CEO Ambareen Musa, the platform's goal is to enhance financial literacy by incorporating it into employee well-being initiatives. The investment from Al Wafra Al Thanya supports Yabi's mission to contribute to Saudi Arabia's digital GDP by raising the level of financial education.