Saudi based startup, CashIn providing digital payment and points of sale solutions has raised SAR6 million ($1.6 million) in a Seed round led by Investor Mine with the participation of BIM Ventures and a number of angel investors.
The announcement of this funding is considered a prime opportunity for the company to penetrate and lead the market with a fully-fledged digital payment solution and e-invoicing.
Zakat, Tax and Customs Authority (ZATCA) has recently published new regulations to mandate merchants to use e-invoicing starting from December 4, 2021. Therefore, CashIn has built relationships with a number of government sectors such as ZATCA to become one of the first providers of electronic solutions that comply with the requirements of e-invoicing (FATOORAH). Additionally, more partnerships have been made with the banks and other related parties to provide the right solution to stakeholders.
CashIn was founded in 2021 by Omar Al-Rammah, Obay Al-Madhi and AbdulKarim Zureik to provide digital payment solutions, points of sale and facilitate other related operations all through one innovative platform. The company focused on building smart and fast solutions where the merchants can receive payments and manage sales directly using CashIn within minutes.
Omar Al-Rammah, CEO of CashIn, said “The Kingdom of Saudi Arabia is undergoing a rapid growth in the fintech and technology sectors in comparison to other countries, and we are keen in CashIn to adapt to these fast-paced changes in parallel with Saudi’s 2030 Vision by providing advanced and holistic technical solutions for related parties in cooperation with our partners from the government, banking and private sectors.”
