Saudi Arabia’s Abyan Capital Concludes USD18 Million in Funding Round

Saudi Arabia’s Abyan Capital Concludes USD18 Million in Funding Round

– Abyan Capital secured $18 million in Series A funding led by STV, with participation from Wa’ed Ventures and RZM Investment, marking a significant milestone in Saudi Arabia’s robo-advisory sector.

– Since its inception in 2022, Abyan Capital has revolutionized financial advisory services in Saudi Arabia, offering automated, Shariah-compliant investment and savings solutions to users of all financial literacy levels.-

The funding will be utilized to enhance Abyan’s platform, expand its suite of financial products, and accelerate market penetration, furthering its mission of providing access to sophisticated investment tools for a wider audience.

Saudi Arabia-based Abyan Capital, a robo-advisory services, concluded an $18 million Series A funding round, led by STV, with significant participation from Wa’ed Ventures and RZM Investment.

Since its inception in 2022, Abyan Capital has redefined financial advisory services in Saudi Arabia by offering automated, user-friendly, and Shariah-compliant investment and savings solutions.

Abdullah Aljeraiwi, CEO and co-founder of Abyan Capital articulated the company’s vision, stating, “Abyan Capital was established to democratize personal investment in Saudi Arabia, irrespective of individuals’ financial literacy levels.” 

He further emphasized, “Our journey began with a mission to revolutionize individual asset management in the Kingdom, aligning with the objectives of the Financial Sector Development Programme.”

Saleh Alaqeel, Co-founder and COO of Abyan Capital, highlighted the company’s innovative retail investment offerings, including children’s portfolios, card-based recurring investments, and high-yield savings portfolios. 

“He emphasized the significance of Saudi Arabia’s robust technology infrastructure, underscoring the successful processing of over 4 million trades and distribution of more than 600,000 dividends.

Yazeed Alturki, Principal at STV, praised Abyan Capital for its pioneering role in unlocking Saudi Arabia’s investment management and wealth advisory sector through its mobile-first, robo-advisory model. He expressed STV’s enthusiasm in partnering with Abyan Capital to redefine the wealth management landscape in the Kingdom.

Fahad Alidi, Managing Director at Wa’ed Ventures, reiterated the company’s commitment to fostering financial inclusion in the region and supporting Abyan Capital’s mission to expand investment and savings options for retail investors.

Abdullah Alkasbi from RZM Investment commended Abyan for its advanced financial technology and investment products tailored to current and future market demands. 

He highlighted Abyan’s distinction as the first app to launch a saving product with daily returns for retail investors, emphasizing its alignment with RZM Investment’s philosophy.

The newly secured funds will fuel Abyan’s growth initiatives, including enhancing its platform, expanding its suite of financial products, and accelerating market penetration across the investment solution value chain.

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