UmrahCash receives $500,000 funding from Adaverse

Saudi Arabia’s fintech company, UmrahCash, has secured a $500,000 investment from Adaverse, a venture fund. Established in 2024 by William Phelps, UmrahCash aims to simplify access to Saudi Riyals for pilgrims traveling to Mecca, Medina, and Jeddah. The platform allows pilgrims to make payments in their home countries and receive the local currency upon arrival in Saudi Arabia. This new funding will support UmrahCash in scaling up its operations across the Kingdom.

This move reflects Saudi Arabia’s commitment to modernizing religious pilgrimages through innovation. UmrahCash is positioned to revolutionize the centuries-old traditions of Umrah and Hajj by addressing financial hurdles, particularly for pilgrims from developing nations. With its roots in Jeddah, the company is tapping into technology to solve longstanding issues in the pilgrimage industry by streamlining currency access.

Record-Breaking Pilgrim Attendance

In 2023, Saudi Arabia witnessed a record number of Umrah pilgrims, with 26.8 million individuals visiting the holy sites. Of these, 13.5 million were international pilgrims, representing a 61.8% surge compared to previous years, significantly surpassing the 8.5 million international visitors recorded in 2019. The majority of these visitors were from emerging markets, aligning with the Kingdom’s Vision 2030 plan, which focuses on expanding its capacity to host pilgrims while improving their overall experience. To meet this demand, Saudi Arabia has invested over $1.3 billion in infrastructure at key religious sites.

The Role of Technology in Pilgrim Services

Saudi Arabia’s Minister of Hajj and Umrah, Dr. Tawfiq Al-Rabiah, has highlighted the growing importance of technology in enhancing pilgrimage experiences. In January 2024, he reaffirmed the ministry’s commitment to adopting tech-driven solutions to improve services for pilgrims.

Tackling Financial Barriers for Pilgrims

While Saudi Arabia has made considerable progress in simplifying the pilgrimage experience—through faster visa processes and new financial technologies—many pilgrims, especially from developing nations, still face financial obstacles. Pilgrims from countries like Nigeria and Pakistan often encounter difficulties accessing Saudi Riyals or have to pay inflated prices through informal channels. The usual process involves exchanging local currency for US dollars, traveling with cash, and then converting the dollars to Saudi Riyals upon arrival, a system that adds extra costs and risks.

UmrahCash’s Technological Approach to Financial Inclusion

UmrahCash addresses these challenges by leveraging its technology platform to make currency exchange more accessible and secure. The app connects liquidity providers, agents, and pilgrims, offering a seamless solution for exchanging money in Mecca, Medina, and Jeddah. Pilgrims can make payments in their home country and retrieve Saudi Riyals upon arrival, reducing the need to carry large amounts of cash.

Through its secure and transparent infrastructure, UmrahCash not only benefits users but also ensures regulatory compliance. As Saudi Arabia continues to evolve its religious tourism industry, platforms like UmrahCash will play a crucial role in making the pilgrimage experience more inclusive and less stressful for millions of pilgrims worldwide.