UAE-based fintech ClearGrid has emerged from stealth after raising $10 million in a dual funding round, it announced today. The pre-seed round ($3.5 million) was co-led by Raed Ventures and Beco Capital, while the seed round ($6.5 million) was co-led by Nuwa Capital and Raed Ventures. Additional investors include Aramco’s Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital.
Many notable angels also participated: former Y Combinator Continuity head Anu Hariharan, Marqeta’s Jason Gardner, Replit’s Amjad Masad, Twitch’s Justin Kan, Kitopi’s Mohammed Ballout, Barq’s Ahmed Alenazi, and Unifoni’s Ahmed Hamdan.
Founded in 2023 by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili, ClearGrid offers an AI-powered debt collection platform that automates the recovery process from borrower engagement to negotiations. The startup aims to tackle the fragmented landscape of manual processes in MENA’s debt collection, which costs lenders billions while creating poor outcomes for borrowers.
Since launching in 2024, ClearGrid has managed hundreds of millions in debt portfolios and secured partnerships with the largest fintech players and leading banks in the Middle East. The company has signed over 10 major enterprise clients and achieved profitability for its UAE operation within a year of launch.
Mohammad Al Zaben, co-founder and CEO of ClearGrid, in a statement, said, “Collections should be an extension of good lending—not an afterthought. At ClearGrid, we’re reimagining debt resolution from the ground up, giving lenders the intelligence and tools they need to recover capital effectively while creating better outcomes for borrowers.”
He was previously the co-founder of Munchon, a Dubai-based food delivery subscription platform that was acquired by Careem, in 2022.
The startup’s impact has been substantial, with one major UAE bank doubling borrower engagement, leading to a 30% improvement in recovery rates. A leading BNPL provider saw its early-stage debt resolution fully automated—with 95% of cases handled without human intervention, resulting in doubled performance and a 4.8/5 in customer satisfaction (CSAT) score.
Omar Majdouie, Founding Partner at Raed Ventures, said, “ClearGrid is tackling a critical pain point in the MENA debt collection industry with a truly innovative approach. Their AI-powered platform not only drives significant operational efficiencies for lenders but also fosters a more positive and sustainable relationship with borrowers.”
Khaled Talhouni, Founding Partner at Nuwa Capital, said, “We invest in founders who see inefficiencies as opportunities for reinvention. Khalid, Mohammad, and Mohammed are doing exactly that with ClearGrid—turning debt resolution from a fragmented, outdated process into a unique commercial opportunity. By leveraging AI and automation, they are not just improving collections but fundamentally reshaping how lenders engage with borrowers, setting a new standard for the industry.”
ClearGrid plans to use the funds to build cutting-edge collections systems leveraging AI and machine learning, develop a comprehensive SaaS platform for early risk detection and credit orchestration, and expand across MENA. The company’s immediate plans include expanding revenue in the UAE and entering the Saudi market in 2025.
In Saudi, the company will compete with Ebra, a local fintech that recently raised $2 million for its debt collection platform.
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