The Saudi financial technology platform focusing on connecting depositors with banks, Wadaie, has announced the closure of its Pre-Seed investment round, led by Rizq Investment and Banaa Ventures, with participation from a group of angel investors. Founded in 2022 by Abdullah Al-Andas, Rayan Al-Tuwaijri, and Abdulrahman Al-Hawas, Wadaie aims to empower depositors to access higher returns on Sharia-compliant time and savings deposits flexibly, without the need to open bank accounts in different banks. Wadaie further asserts that it enables banks to access new horizons and a wide customer base through its business model, thereby increasing cash liquidity without the need to raise the operational cost of bank infrastructure. In this regard, founder and CEO Abdullah Al-Andas stated that Wadaie's business model works to expand the circle of savings and investment products, enhance trust in them, and facilitate access to them, aligning with the objectives and strategic pillars of the financial sector development program. He adds that the investment represents an important step in developing the platform and enhancing access to the target audience.