Saudi fintech startup TalMal has closed an undisclosed pre-seed funding round with participation from MM Partners. The financing is intended to support the company’s commercial expansion in Saudi Arabia.
Led by founder and CEO Thamer Faisal Al-Qu’ayshish, TalMal operates a salary-backed purchasing platform that connects employees, employers and merchants.
The platform allows employees to make purchases from participating merchants using a purchasing balance linked to their salary. Repayment is subsequently handled through salary deductions under arrangements with the employer. TalMal says the purchasing balance carries no interest or fees.
TalMal plans to use the new capital to expand its network of corporate and merchant partners, strengthen its technology infrastructure and reach a larger employee user base in Saudi Arabia. The company is also part of Jada30, an incubation programme affiliated with Saudi Arabia’s Social Development Bank.
