An Abu Dhabi-based fintech newcomer has burst onto the regional investment scene with a funding round that turns heads well beyond the Gulf. Startup Mal has raised $230 million at the seed stage, a figure widely described as the largest of its kind across the Middle East and Africa.
The capital was anchored by global investment firm BlueFive Capital, alongside a mix of strategic backers and family offices. The venture was founded by Middle East entrepreneur Abdallah Abu-Sheikh, who is positioning Mal as a mobile-first digital bank built for scale from day one.
Still in development, the platform is scheduled to debut later this year. Its ambition is expansive: tapping into the estimated $7 trillion Islamic finance ecosystem while also serving underbanked communities across borders. Mal is being designed on AI-native infrastructure, with technology woven into the core rather than added as an afterthought.
The newly raised funds will be channelled into regulatory licensing and product buildout, with the rollout planned in stages. Initial launches are expected across selected Middle Eastern markets, followed by expansion into parts of Asia.
If the funding size is any indication, Mal isn’t planning a quiet entry—it’s aiming to redefine how Islamic digital banking looks, feels, and scales in a connected world.
