By Staff Writer
Riyadh-based fintech and proptech platform Safqah Capital has raised $15.2 million in seed funding as it looks to expand its Shariah-compliant debt financing offering for small and mid-sized real estate developers in Saudi Arabia.
The round was led by Shorooq, anb Seed Fund and Rua Growth Fund, with participation from Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, MEVP, Waad Invest, JOA Capital and other investors.
Safqah was co-founded by Abdullah Alsubaie, Karim Merie, Abdulmalik Alothman and Omar Alessa. The company is focused on a common bottleneck for SME developers: access to Shariah-compliant debt financing that can help move projects from planning into execution.
Safqah is authorised by Saudi Arabia’s Capital Market Authority to offer and enable investment in debt instruments.
The platform combines real estate underwriting, structured financing and developer-focused software into a single workflow. Developers use Safqah to manage projects and capital requirements, while investors access opportunities backed by underwriting and reporting designed to improve visibility across funded developments. Safqah also uses data analytics and AI to support monitoring, decision-making and transparency.
The new capital from the latest round will be deployed across many strategic fronts. Safqah Capital plans to aggressively enhance its product offering and digital platform, building more sophisticated AI tools for risk assessment and underwriting. Another major focus will be on expanding its financing capacity to satisfy the rising demand from developers, aiming to increase both the size and number of funded projects.
“Banks were not built for developers—we were,” commented Abdullah Alsubaie, Co-Founder and CEO of Safqah. “We’ve engineered an ecosystem where developers can access capital faster, accelerate project delivery, and improve capital efficiency while strengthening monitoring and risk controls for all stakeholders.”
Khalid S. Alghamdi, anb capital CEO commented, “We are very pleased to co-lead the investment in Safqah, as part of our commitment to supporting technology-enabled financial platforms that contribute to the Kingdom’s Vision 2030. Safqah brings together technological innovation and strong credit governance to deliver more efficient and transparent financing solutions for real estate developers across the region. We believe the company is well positioned to support the evolution of the real estate and financial services sectors, enhance capital market efficiency, and contribute to sustainable economic growth in Saudi Arabia.”
Turki Aljoieb, General Partner at Rua, also added, “Safqah is unlocking one of the most critical bottlenecks in Saudi Arabia’s real estate market by expanding access to structured, Sharia-compliant financing for small and medium developers. By enabling efficient project execution and scalable housing delivery, Safqah supports national affordability objectives and advances Vision 2030 homeownership targets, while providing investors with disciplined access to long-term, asset-backed exposure to the Kingdom’s real estate sector.”
