Jeel
“Can a vertical BNPL win the Saudi education-financing market while the parent's other Jeel (Riyad Bank's tech arm) builds the BaaS rails beneath the Kingdom's broader fintech ecosystem?”
Founded2022
HQRiyadh, Saudi Arabia
Total raised$6.64M
Latest roundPre-Series A
IndustryFintech / Lending
The story
Jeel Pay launched in 2022 as an education-vertical BNPL in Saudi Arabia, letting parents pay tuition in installments. The company has stayed focused on this education niche, monetizing through merchant agreements with schools and universities, and plans an IPO in Saudi Arabia by 2027. NOTE: There appear to be two distinct 'Jeel' entities in the evidence — Jeel Pay (BNPL, jeel.co) and Jeel (technology subsidiary of Riyad Bank, jeel.net) — which the search results conflate. The Mambu/BaaS partnership belongs to Jeel (Riyad Bank subsidiary), not Jeel Pay.
Product timeline
0
Received SAMA permit to operate BNPL in Saudi Arabia· banking
2022
Founded as Jeel Pay, a 'Study Now, Pay Later' BNPL platform for tuition fees· lending
2024
Raised SAR 25M Pre-Series A led by Joa Capital and AlJazira Capital· funding
Regulated entities
1
regulatory licence held by Jeel
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Jeel’s embedded-finance stack
Payments / PSP
Jeel Pay (self-operated BNPL)
Banking / BaaS
in the full report
Ledger
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.