Circlys is a financial technology (fintech) platform based in Saudi Arabia. It specializes in digitizing traditional rotating savings and credit associations (ROSCAs), known locally as "Jamea’a" or "Circles." The platform facilitates collective financial management, allowing users to participate in and manage financial circles through a smartphone app available on both Android and iOS platforms
Circlys was founded in 2017 by Khaled Hassoun. Since its inception, the company has aimed to expand its user base across Saudi Arabia. It has grown significantly, currently serving around one million users in the country.
In March 2022, Circlys raised $1.33 million (5 million SAR) through a crowd-equity funding platform called Scopeer. This funding round valued the company at $24 million post-money. The funds are intended to support the company's growth and expansion plans.
Circlys offers a range of features designed to streamline participation in financial circles:
Verification and Management: The platform verifies the eligibility of each member joining a circle and organizes new circles monthly, ensuring secure and reliable transactions
Flexible Options: Users can choose options that best fit their needs, with durations ranging from six to 12 months
Credit Evaluation Tools: Circlys has developed tools for fair credit evaluation, aligning with market conditions and product needs
Circlys continuously updates its platform to meet user needs, although specific new features beyond the core offerings have not been detailed in the available information.
Circlys emphasizes security, reliability, and user trust. By ensuring rigorous verification processes and legal measures against defaulting participants, the company demonstrates a commitment to maintaining a trustworthy and efficient financial service platform
The platform currently serves around one million users in Saudi Arabia, reflecting its significant penetration in the local market. Circlys aims to expand further, targeting a user base of 600,000 in the coming period. This growth reflects the platform's appeal and the trust it has built within the community.
