Saudi fintech Vrtx raises $3.6M pre-seed to help businesses launch wallets and cards

Saudi fintech Vrtx has raised $3.6 million in pre-seed funding to build a platform that allows companies to add wallets, payouts and payment cards to their own products, targeting businesses that would otherwise have to assemble the financial infrastructure themselves.

The Riyadh-based company’s backers include SC Ventures, Standard Chartered’s venture-building and investment arm, alongside Sadu Capital, BYLD, Suhail Ventures, F6 Ventures, Taz Investment and Palm Ventures.

Founded in 2025 by Mishal Bin Slimah and Omar Shaaban, Vrtx grew out of the pair’s experience working together at Tweeq, the Saudi digital wallet acquired by Tabby. Tabby announced the acquisition agreement in September 2024 as part of its expansion beyond buy now, pay later into accounts, cards and money management.

At Tweeq, the founders encountered the work involved in bringing financial products to market, from building transaction systems to managing compliance, security and day-to-day operations. Vrtx is seeking to package those capabilities for other companies through a model similar to BaaS, supplying the infrastructure behind financial products offered under a partner’s own brand.

Its website identifies logistics and delivery companies, payroll providers and loyalty programmes among its target customers. A delivery platform could use the service to pay workers into digital wallets linked to branded cards, while a retailer could let customers turn cashback or loyalty rewards into funds they can spend. The proposed products also cover transfers and transaction processing, with tools for managing balances and financial rules.

“Companies with a clear idea and real demand spend years assembling core infrastructure, operations and security before they serve a single customer,” said Bin Slimah, Vrtx’s chief executive. “Our goal is to make fintech capability a standard building block for any business.”

Vrtx provides developer tools and a test environment for companies to build integrations, but its regulatory approval remains preliminary. The company says it’s received in-principle approval from the Saudi Central Bank for an Electronic Money Institution licence. Under SAMA’s licensing process, applicants must still fulfil the final requirements before they can carry out the regulated activity.

BYLD co-founder and managing partner Youcef Oudjidane said the founders’ decision to build around regulatory compliance was central to the firm’s investment.