Riyadh - Mubasher: Saudi fintech Bwatech has raised SAR 60 million ($16 million) in a funding round led by Sharaka Financial.

The investment will accelerate Bwatech’s growth and expand its presence in the Saudi market, strengthening corporate and banking efficiency, according to a press release.

Hashim Al Hekail, Founder and Chairman of Bwatech, said, “This round marks a pivotal step toward building a more efficient digital financial infrastructure for businesses.”

The company’s platform enables businesses to manage multi-bank operations, from digital guarantees to account management and open banking.

Clients can access the services via a web portal or mobile app, while deploying application programming interfaces (APIs) with corporate systems.

Bwatech operates under the Saudi Central Bank’s (SAMA) regulatory sandbox as it builds infrastructure to streamline corporate financial management.