Saudi Mthmr to expand in Egypt next year
Mthmr, a Saudi Arabian platform that specializes in technology solutions, intends to enter the Egyptian market by 2025, after expanding to Kuwait and the United Arab Emirates by the end of this year.
Abdul Rahman Qumsani, the co-founder of the platform, said that the company is planning to raise $4m in a new funding round soon, after closing a $2m round a few months ago. The new round will finance the expected expansions.
He said that venture capital has become more cautious in providing financing, which affects medium and large enterprises, especially in the current economic situation, both globally and locally. This also impacts the activity of startups.
He told DNE, at the Forbes Middle East Summit, that the company aims to enter all Middle Eastern countries with the same brand. He added: “However, we plan to change the brand in Pakistan and Turkey.”
Mthmr was founded in 2021 by Abdul Rahman Qumsani and Abdul Rahman bin Najifan, to provide a comprehensive tool to help individuals track their expenses and increase their savings. The company also offers, through its app, the latest deals and offers to help users save and maintain financial balance.
The company also plans to launch new services besides the “cashback offers” that it currently provides, by offering consumer behavior analysis solutions through new artificial intelligence technology that will be added to the platform’s app soon.
He explained that this feature will help merchants on the platform identify and correct their mistakes to boost their sales, as well as understand consumer behavior to ensure strong competition in the market.