Mal secures $230 million in seed funding, positioning itself to launch a licensed Shariah-compliant digital bank in the UAE, aiming to enter the $7 trillion Islamic finance market.
Amount Raised
$230 Million
Round Type
Seed
Abu DhabiFinancial ServicesArtificial IntelligenceFinanceFintechLendingBankingInvestors
Description
Mal has received in-principle approval from the Central Bank of the UAE to establish a licensed bank, reflecting the attractiveness of the UAE’s digital banking sector. The $230 million seed funding round, one of the largest in the region, will support their digital banking infrastructure and product expansion. The company aims to launch a platform spanning banking, payments, and wealth management focused on the Islamic finance market. The approval is subject to final clearances and licensing requirements.
Quick answer
Mal raised $230 Million in a Seed round, dated May 19, 2026. Investors: Bluefive Capital. Mal is based in Abu Dhabi, Abu Dhabi Emirate, United Arab Emirates.
- How much did Mal raise?
- Mal raised $230 Million in a Seed round on May 19, 2026.
- Who invested in Mal?
- Bluefive Capital is named as investors in this round.
- What does Mal do?
- Mal is the first AI-native Islamic digital bank founded by serial fintech entrepreneur Abdallah Abu-Sheikh.
- Where is Mal based and how big is it?
- Mal is based in Abu Dhabi, Abu Dhabi Emirate, United Arab Emirates. Fundz records about 4 employees.
- Who are the decision-makers at Mal?
- Fundz holds 1 contact at Mal, including the Founder. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Financial Services and Finance around the same time
Companies in the same sectors as Mal that raised within 45 days of this round, from Fundz verified event records.
- Tonik raised an undisclosed amount (Series C) on June 18, 2026.
- CreditChek raised $600K (Seed) on June 8, 2026.
- Reset raised $6M (Seed) on June 8, 2026.
- Varo raised $124M (Series G) on May 17, 2026.
- Mercury Technologies raised $200M on May 8, 2026.
- Bread Financial™ raised $115M (Post-IPO Equity) on May 6, 2026.
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Related People
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