Saudi BNPL Madoff closes $25.5 million before Series A
News • February 16, 2026
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Saudi Arabia-based fintech startup Madfu has raised $25.5 million (R95 million) in a pre-Series A round led by Afaq Capital with participation from angel investors. Founded in 2022 by Abdullah Al Ibrahim, Ahmed Al Ushir, and Anas Al Shakir, Madoff offers an Islamic-compliant BNPL solution that allows consumers to pay their purchases in up to six interest-free installments. The company will use the funds to expand its merchant network across Saudi Arabia, strengthen its technology infrastructure and develop new products aligned with Islamic finance, strengthening its position within the kingdom’s rapidly growing digital payments ecosystem.
press release:
Madfu, a Saudi-based fintech startup specializing in buy now, pay later (BNPL) solutions, has raised R95 million ($25.5 million) in a pre-Series A funding round led by Afaq Capital with participation from a group of angel investors.
Founded in 2022 by Abdullah Al Ibrahim, Ahmed Al Ushir, and Anas Al Shakir, Madfu offers a transparent, interest-free payment solution that allows consumers to pay their purchases in up to six installments with no hidden fees. The company operates under license from the Saudi Central Bank (SAMA), strengthening its position within Saudi Arabia’s regulated fintech ecosystem.
Madfu’s platform enhances affordability for both consumers and sellers, increasing conversion rates and driving customer loyalty. By integrating directly with merchant systems, the company enables a seamless digital checkout experience while maintaining compliance with Islamic financial principles and regulatory standards.
The newly secured capital will support Mahf’s next phase of growth, including expanding its merchant network across Saudi Arabia, strengthening its operational infrastructure, and strengthening its technology stack. The company also plans to invest in product development to introduce new Shariah-compliant financial solutions to meet evolving consumer needs.
As Saudi Arabia’s fintech sector continues to expand under Vision 2030, growth in e-commerce and changing payment preferences are accelerating the adoption of BNPL services. With regulatory support, fresh capital and a growing partner ecosystem, Madfu aims to play a central role in driving flexible and compliant digital payment solutions across the Kingdom.
