Teenage digital banking startup Cashee has raised $3 million in a series A funding round that was led by Arab National Bank and ANB Capital. Dubai-based Cashee was founded in 2020 with the goal of enhancing financial literacy in the MENA region and equipping youth with smart financial skills.
The platform offers parental control over children’s transactions and grants teens a free digital banking software and prepaid card to manage their money wisely. The Cashee app allows parents to monitor chores, transfer money to their kids, and set flexible spending limits.
Brad Whitfield, Co-Founder of Cashee, commented: “Closing our Series A funding represents a significant and important milestone for Cashee. We consider ANB a perfect fit given their trusted and prominent brand, wide presence, and the fact they are one of the most prestigious banking institutions in the Mena region. This investment is part of an ambitious regional expansion plan into Saudi Arabia.”
Aiedh AlZahrani, ANB’s Chief Operating Officer and Head of Retail Banking shared: “The partnership aims to develop the first banking application of its kind in Saudi Arabia that promotes the financial culture among Saudi youth in a way that will encourage savings and financial literacy.”