UmrahCash Secures $500K to Offer more to Nigerian Citizens

UmrahCash, a fintech startup based in Saudi Arabia, has secured a $500,000 investment from the Venture Fund Adaverse. The funding aims to enhance the startup’s system of operation. 

This also includes supporting the company’s efforts to simplify the financial experience for Umrah pilgrims, particularly those from developing nations.

UmrahCash Secures Funding From Adaverse

UmrahCash aims to solve a longstanding issue for Nigerian pilgrims: securing Saudi Riyals for Hajj and Umrah without the hassle.

For many pilgrims from countries such as Nigeria and Pakistan, accessing Saudi Riyals through formal channels can be difficult and expensive.

These travellers often face high fees and inflated exchange rates, adding unnecessary financial burdens to their spiritual journeys. 

With the $500,000 funding, UmrahCash will provide a system that allows pilgrims to make payments in their local currencies before receiving Saudi Riyals upon their arrival in the Kingdom. 

This reduces costs and eliminates the security risks associated with carrying large amounts of cash or navigating informal currency exchange channels.

Benefits of the UmrahCash App

The startup has an app that is designed with ease of use in mind, resembling familiar Nigerian banking applications. Additionally, it caters to all levels of financial and technological literacy, offering features like:

• Simple currency exchange: seamless and secure transactions between Naira and Saudi Riyals.
• Vetted agent network: a network of trusted agents across Northern Nigeria who provide local language support for users.
• Accessibility: designed for both banked and unbanked pilgrims, ensuring broad financial inclusion.

Also Read: Binance Executive, Tigran Gambaryan Spends 200 Days in Nigerian Detention, Family Laments

About The Startup

UmrahCash was founded by William Phelps, a former Investment Manager at Adaverse, where he managed 50 Web3 investments across 11 countries, spanning various sectors and stages. 

It streamlines the currency exchange process, and the platform aims to ease one of the key financial burdens pilgrims face, particularly those from developing nations, especially Nigeria. 

While based in Kano State, Phelps identified a key market gap. “While much of the attention has been on North-South financial flows, we’ve uncovered a significant opportunity in West-East transactions, particularly within the Islamic market,” he explains.

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