Saudi Arabia's Abyan Capital secures $18.1M in Series A funding
The round saw participations from Wa'ed Ventures, backed by Saudi Aramco, and RZM Investment, a Riyadh-based venture capital firm.
Saudi Arabia-based robo-advisory firm Abyan Capital raised $18.1 million in a Series A funding round led by Saudi Arabia's STV, a $800 million technology venture capital fund.
According to Wamda, the round also saw participation from Wa'ed Ventures, backed by Saudi Aramco, and RZM Investment, a Riyadh-based venture capital firm.
Abyan Capital will use the funds to enhance its platform, expand financial products, and boost market penetration across the investment solution value chain, enhancing its mission to provide sophisticated investment tools.
“Abyan Capital stands out by unlocking the $80 billion investment management and wealth advisory sector for investors from all backgrounds in Saudi Arabia, through its mobile-first, robo-advisory model. In a short period of time, Abyan has enabled a large base of first-time investors to access multiple wealth management solutions, underscoring the team’s commitment to innovation and inclusivity," Yazeed Alturki, Principal at STV, said.
He added, "We are delighted to partner with Abdullah, Saleh, and the team on their journey to redefine the wealth management ecosystem in the Kingdom.”
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Abyan Capital, launched in 2022 by Abdullah Aljeraiwi Omar Almania and Saleh Alaqeel, is a financial services firm that offers automated, user-friendly, and Shariah-compliant investment and savings solutions, enabling users to manage investments, optimise asset allocations, and achieve financial goals.
“The idea of Abyan began as an effort to disrupt the asset management industry in the Kingdom for individuals, which is one of the objectives of the Financial Sector Development Program," said Abdullah Aljeraiwi, CEO and Co-founder of Abyan Capital.
"Today, we are proud that in a very short amount of time, Abyan has exceeded deposits of over 1.4 billion Saudi Riyals and more than 100,000 portfolios invested. And we will be launching new diversified products soon with a goal to make Abyan the digital retail investment house,” he added.
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Edited by Suman Singh