Madfu

About Madfu

Madfu is a financial technology company operating in the burgeoning Buy Now, Pay Later (BNPL) market of Saudi Arabia. Founded in 2023 by Abdullah Al Brahim and Anas Alshuqayr, the Riyadh-based firm provides Sharia-compliant installment payment solutions. The company secured its license from the Saudi Central Bank (SAMA) in the same year it was established, enabling it to offer deferred payment services.

The business operates a platform that allows consumers to split purchases into multiple payments, typically three to six installments, without incurring interest or hidden fees. This service is available for transactions both online and at physical retail locations. Madfu's revenue is generated through partnerships with merchants who join the platform to offer flexible payment options to their customers, which can lead to increased sales volume and higher average invoice values for the businesses. The company targets a wide range of sectors, with a specific focus on entertainment, tourism, e-commerce, and dining.

In early 2024, Madfu successfully closed a pre-seed funding round, raising 12 million Saudi riyals (approximately $3.2 million USD). This capital injection is intended to fuel the expansion of its service offerings and broaden its market reach. A notable milestone for the company includes a cooperation agreement with the Saudi Tourism Authority, a strategic move to provide its BNPL services within the kingdom's growing tourism sector.