Riyadh-headquartered fintech Lite has raised $3.2 million in a pre-seed funding round led by Scene Holding, with participation from several angel investors. The company is currently in the process of obtaining an electronic money institution (EMI) license from the Saudi Central Bank.
Founded by Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil, Lite aims to become a leading payment solutions provider in Saudi Arabia, offering businesses a comprehensive suite of financial services. The founding team brings significant experience from the payments industry to their new venture.
The startup plans to develop solutions focused on innovation, scalability, and localization, aiming to drive financial inclusion and enhance payment ecosystems in the Kingdom. This aligns with Saudi Vision 2030’s objectives of accelerating digital transformation and promoting a less-cash society.
Fahad Anteet, CEO of Lite, said, “We are deeply grateful to our investors for their trust in our vision. This funding marks a major step forward in our mission to provide businesses with seamless, secure, and scalable payment solutions tailored to the Saudi market.”
Sultan Ghaznawi, chairman and managing director at Scene Holding, noted the founding team’s expertise and vision as key factors in their investment decision, expressing confidence in LIte’s potential to impact Saudi Arabia’s fintech sector.
The company will use the funds to build its technology infrastructure while working towards obtaining the EMI license that will enable it to fully operate across the Kingdom.
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