Monday, September 16, 2024

UmrahCash, a Riyadh-based fintech startup, has raised $500,000 in funding from Adaverse Venture Fund. The platform enables easy access to Saudi Riyals in Mecca, Medina, and Jeddah. Pilgrims can make payments in their home countries and receive Saudi Riyals upon arrival in the Kingdom.

The platform enables easy access to Saudi Riyals in Mecca, Medina, and Jeddah. Pilgrims can make payments in their home countries and receive Saudi Riyals upon arrival in the Kingdom.

The platform aims to modernise the centuries-old Umrah tradition and address the financial challenges pilgrims, particularly those from developing nations, face.

Dr. Tawfiq Al-Rabiah, the Saudi Minister of Hajj and Umrah, has recently emphasized the importance of technology in improving the Hajj and Umrah experience. In January 2024, he reiterated his ministry’s commitment to supporting technological solutions and professional services in the sector.

Born in Jeddah, UmrahCash seeks to tackle these challenges by utilizing technology to transform the traditional Umrah and Hajj industry. The platform simplifies access to Saudi Riyals in Mecca, Medina, and Jeddah, allowing pilgrims to make payments in their home countries and receive Saudi Riyals upon arriving in the Kingdom.

This process is facilitated through UmrahCash’s app, which brings liquidity providers, agents, and pilgrims together for a comprehensive solution to the Hajj and Umrah currency exchange. By aggregating existing financial flows with a user-friendly technology interface, UmrahCash’s infrastructure offers security and transparency, benefiting users and regulators alike.

While Saudi Arabia has made strides in improving the pilgrim experience, including streamlining visa processes and introducing advanced financial technologies, many pilgrims from developing countries still face significant financial challenges.

Pilgrims from countries like Nigeria and Pakistan often struggle to obtain Saudi Riyals or must purchase them at inflated prices through informal networks. The current process typically involves exchanging local currency for US dollars in their home countries, travelling with large amounts of cash, and then exchanging again for Saudi Riyals upon arrival.

This multi-step process not only incurs additional costs but also poses security risks and adds unnecessary stress to what should be a spiritual journey.

Source: https://www.edgemiddleeast.com/fintech/umrahcash-secures-500k-to-simplify-pilgrim-currency-exchange