Lynk, founded by Thabet Alsubaie, in 2023 the fintech company aims to connect multiple financial institutions, beneficiaries, and commodity markets through their Shariah-compliant service.

The fintech company in Saudi Arabia recently closed an investment round by Al Fozan Holding and Ramla Holding Group, although the collected amount of investment is not yet disclosed by the company. With the growing investment funds of the fintech company, LYNK will feature many additional financial and banking products to widen its presence and reach the audience at local and international levels.

With a remarkable initiation to structure the landscape of the fintech company, in complete accordance with Islamic financial principles, LYNK has strengthened its current position in the financial market through a successful round of funding, and the initiation of a unique establishment of strategical partnership with stalwarts in the industry the Al Fozan Holding and Ramla Holding Group. This collaboration was put together by the Mine Angel Network of investors, which not only aims to meet but equally to foresee the rapid increase in the requirements of the financial sector, which is itself a great move towards the fulfillment of the 2030 Vision of Saudi Arabia.

Launched in early 2023 by Saudi Venture Studio owned by BIM Ventures, LYNK has made an appearance as an important string in the financial ecosystem of the Kingdom of Saudi Arabia, it has seamlessly grown over SR 100 Million, in the Murabaha transactions from the time of their inspection. The financial platform also boasts an extraordinary capacity for daily transactions of over 15,000 with a value worth SR 5 Billion, each of them executed within a minute, as a substitute link between financial institutions, beneficiaries, and commodity markets.

The Chief Operating Officer of Al Fozan Holding, Mr. Abdulatif Ali Al Fozan has said, “This strategic partnership, of which we are proud, with LYNK, a leading Saudi FinTech, is aligned with the Kingdom’s ambitious 2030 Vision and with our belief in the significance of FinTech and its positive impact on improving performance efficiency, providing integrated services, and keeping pace with the digital future in the industry.” Mr. Al Fozan also added, “We are determined to establish a strong presence in this developing sector that supports the national economy and enhances the financial services ecosystem.”

Based on the remarks given by  Mr. Abdulatif Ali Al Fozan, Mr. Thabet Alsubaie, the CEO of LYNK, expressed his gratitude for being the first ever company in Saudi Arabia to specialise in this field of finance. Furthermore, he added, “LYNK is considered a leading company in the FinTech industry.” He also said, “LYNK is dedicated to expanding its scope of work and strengthening its position among prominent financial institutions by establishing strategic partnerships aimed at meeting the aspirations of customers and fulfilling market needs.”

With an addition, LYNK fintech also aims to stretch out its reach across the financial sector locally and internationally. The fintech company even plans to launch other FinTech products that can accommodate other services in financial sectors and most of the FinTech sector by aligning with the 2030 Vision of the Kingdom of Saudi Arabia.

Mr. Fahad Al Farraj, the CEO of Ramla Holding Group has expressed his interest in investing in FinTech companies. He mentioned further, “LYNK is compatible with the group’s objectives, which include investing in leading companies in the sector.” He also said, “The group aspires to strike successful partnerships that will facilitate the realisation of the Kingdom’s 2030 Vision.”

In addition, a professor at the Higher Judicial Institute, His Excellence Sheikh Dr. Abdullah Al Sulami said, “The launch of LYNK serves as a solution that meets the legal requirement that ownership and authorization be separated between financiers and financed parties, as established by the Islamic Fiqh Council of the Muslim World League and the International Islamic Fiqh Academy (IIFA) of the Organization of Islamic Cooperation.”

He further added,  “By automating Islamic finance transactions and acting as a link between financing agencies, commodity markets, and financiers in a manner compatible with Islamic Sharia law, LYNK is considered a significant addition to the legitimacy of Saudi Arabian banking.”

Moving forward, LYNK is ready to bridge the growing encouragement of the Islamic banking sector of the Kingdom of Saudi Arabia, an essential element of the  Vision 2030 representation. With the ongoing support of the Central Bank of Saudi Arabia, it is a very clear goal to recognize Riyadh as a global hub in the fintech industry, leveraging all the extraordinary services and innovations by LYNK and the involved partners.