Nayla Finance, a fintech firm based in Saudi Arabia, has secured US$4 million in seed funding led by Sanabil Venture Studio by Stryber.

The funds will be used to expand its product offerings and support micro-businesses throughout the Kingdom.

The company plans to enhance its data-driven lending platform and scale its operations by forming partnerships in key sectors such as food and beverage, ecommerce, and retail.

Nayla Finance will also allocate US$2.7 million in debt financing to build its loan portfolio.