Vrtx raises $3.6 million to make financial features easier to build

Riyadh-based Vrtx has raised $3.6 million in pre-seed funding to build the behind-the-scenes systems that let other businesses add financial services to their own products. Rather than offering a consumer wallet or card itself, Vrtx is developing the technology and operational tools for companies to issue cards, move money, process payments, and manage digital wallets without assembling each piece from scratch. That model is known as embedded finance: financial services become a feature inside a nonfinancial app or business. Vrtx has also received in-principle approval from the Saudi Central Bank for an electronic-money institution license, an important regulatory step but not yet a full operating license.