ClearGrid, a fintech company based in the UAE, has raised $10 million in funding after coming out of stealth mode. The funding is split into two rounds: a pre-seed round of $3.5 million, led by Raed Ventures and Beco Capital, and a seed round of $6.5 million, co-led by Nuwa Capital and Raed Ventures. Additional investors include Aramco’s Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital.
Prominent angel investors also took part, including Anu Hariharan (former Y Combinator Continuity head), Jason Gardner (Marqeta), Amjad Masad (Replit), Justin Kan (Twitch), Mohammed Ballout (Kitopi), Ahmed Alenazi (Barq), and Ahmed Hamdan (Unifoni).
ClearGrid was founded in 2023 by Khalid Bin Bader Al Saud, Mohammad Al Zaben, and Mohammad Al Khalili. The company offers an AI-powered platform to automate debt collection, from engaging borrowers to handling negotiations. Its goal is to streamline the fragmented debt collection processes in the MENA region, which currently cost lenders billions and often lead to poor results for borrowers.
Since launching in 2024, ClearGrid has managed hundreds of millions in debt and partnered with major fintech companies and banks in the Middle East. The company has signed over 10 large enterprise clients and became profitable in the UAE within its first year.
ClearGrid’s platform has had significant success, including helping a major UAE bank double borrower engagement and improve recovery rates by 30%. It also helped a leading BNPL provider automate 95% of debt resolutions, resulting in improved performance and a high customer satisfaction score (4.8/5).
With this new funding, ClearGrid plans to develop more advanced AI-driven collection systems, create a SaaS platform for early risk detection and credit management, and expand across the MENA region. In the short term, the company aims to increase revenue in the UAE and enter the Saudi market by 2025.
