Fintech Aion Digital raises $5M in a bridge round led by Fintactics Ventures
Founded in 2017, Bahrain-based fintech Aion Digital offers banking APIs that enable simplified and quick launching of digital solutions.
Bahrain-based fintech Aion Digital has raised $5 million in a bridge funding round, led by VC fund Fintactics Ventures. The fundraise was announced at LEAP 2023, a four-day technology convention held in Riyadh.
The funds will be use to accelerate technology transfer of digital banking infrastructure to Saudi Arabia.
Founded in 2017, Aion Digital offers 500 banking APIs that enable simplified and quick launching of digital solutions. The API-based digital banking platform enables clients to set up personalised digital products.
Aion's three primary products comprise digital onboarding, retail digital bank, and corporate digital bank. Financial institutions such as Jazeel Bahrain, Kuwait Finance House, SIMAH, Boubyan Bank, use the company's APIs.
At present, Aion is working on novel strategic ventures in the open banking and regulatory technology landscape in the Gulf Cooperation Council (GCC). It has offices in Saudi Arabia, and is now exploring opportunities to expand.
Saudi Arabia-based Fintactics Ventures is a $40 million venture capital fund focused on financial technology, along with insuretech and regtech. It was launched during LEAP 2023, and is backed by venture studio Revival Labs.
Technology event LEAP began on February 6, 2023, at Riyadh Front Expo Centre, Saudi Arabia, and concluded on February 9, 2023.
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Edited by Teja Lele