Hakbah is a mobile application that facilitates the creation and management of financial saving groups, known as "جمعية مالية," allowing users to organize contributions and track payments securely. The platform addresses the challenges of coordinating group savings by providing automated notifications, member verification, and direct bank transfers, ensuring a streamlined and reliable saving experience.
Funding
$8.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Managing and coordinating informal financial saving groups, common in some regions, can be cumbersome, lacking transparency and security in tracking contributions and payments. Traditional methods often rely on manual record-keeping and face-to-face interactions, leading to inefficiencies and potential disputes among members.
Solution
Hakbah is a mobile platform designed to streamline and secure the management of rotating savings and credit associations (ROSCAs), known as "جمعية مالية". The application automates the process of organizing contributions, tracking payments, and verifying members through national ID or residency verification. By integrating direct bank transfers and automated notifications, Hakbah ensures a transparent and reliable saving experience for all participants. The platform also generates electronic promissory notes for each member, enhancing accountability and trust within the group.
Target Audience
Hakbah primarily targets individuals in Saudi Arabia who participate in or manage informal saving groups and seek a secure, transparent, and efficient digital solution.
Features
- Member verification using national ID or residency credentials
- Automated payment reminders and notifications via SMS, email, and in-app alerts
- Direct payment processing through Mada debit cards or Apple Pay
- Secure fund disbursement to members' bank accounts
- Electronic promissory notes to ensure commitment and compliance
- Real-time tracking of contributions and payment status for all members
- Compliance with Saudi Central Bank (SAMA) guidelines for online banking security
- Data encryption and storage on servers located within Saudi Arabia, adhering to ISO27001 standards