The Banking Executive Magazine - March 2024 Issue

ISSUE 183 MARCH 2024 the BANKING EXECUTIVE 43 FinTech and AI Chornicle Ahlan App, a Bahraini loyalty pro- gramme and delivery platform, has raised $3 million at a valuation of $15m in its first investment round which has been fully-subscribed and led by Hope Ventures. The round was joined by top-tier pri- vate sector investor Al Rajhi Hold- ings as well as other angel investors. Launched in 2021, Ahlan rewards customers for loyalty with cashback directly on the platform through its dine-in, pick-up, and home delivery services. To date, it has attracted more than 1,400 vendors and serves over 200,000 clients, rewarding them with more than $10m in cashback credit. This investment in Ahlan comes as part of Hope Ventures’ mandate of investing in promising, high-poten- tial Bahraini businesses and SMEs. Ahlan plans to use the funds raised to increase its market share. AHLAN APP RAISES $3MLN IN BAHRAIN