Saudi Arabia’s fintech scene is on a proper roll, and the latest sign of that momentum comes from Madfu, a homegrown Buy Now, Pay Later (BNPL) startup that has just secured SAR 95 million (around $25.5 million) in a Pre-Series A round.

The investment was led by Afaq Capital, with participation from a group of angel investors, signalling growing confidence in interest-free, Sharia-compliant digital payments across the Kingdom.

The Saudi Arabia-based BNPL provider announced the round on 18 February 2026. With its operations starting in 2022 and founded by Abdullah Al-Ibrahim, Ahmed Al-Wusheel, and Anas Al-Shaqir, Madfu provides interest-free payment solutions enabling consumers to split purchases into up to six instalments without hidden fees. The company operates under a licence from the Saudi Central Bank.

Madfu’s platform integrates directly with merchant systems, enabling digital checkout experiences while maintaining compliance with Islamic finance principles and regulatory standards. The service aims to scale affordability, boost conversion rates, and foster customer loyalty for consumers and merchants.