Abyan Capital, a pioneering robo-advisory firm in Saudi Arabia, has closed an impressive $18m Series A funding round, with STV taking the lead alongside Wa’ed Ventures and RZM Investment, according to wamda.
Since its inception in 2022, Abyan Capital has reshaped Saudi Arabia’s financial advisory landscape, offering automated, user-friendly, and Shariah-compliant investment and savings solutions. The company’s range of products empowers users to efficiently manage investments, optimize asset allocations, and achieve financial objectives seamlessly.
Abdullah Aljeraiwi, CEO and co-founder of Abyan Capital, expressed the company’s founding vision, stating, “Abyan Capital was founded with the vision to simplify personal investment for everyone in Saudi Arabia, regardless of their financial literacy levels.
“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 Programme. Today, we are proud that in a very short amount of time, Abyan has exceeded deposits of over 1.4 billion Saudi Riyals and invested more than 100,000 portfolios. And we will be launching new, diversified products soon with the goal of making Abyan the digital retail investment house.”
Saleh Alaqeel, Co-founder and COO, emphasized the significance of the funding in propelling Saudi Arabia’s modern investment industry forward. Alaqeel underscored Abyan’s commitment to innovation and inclusivity, citing the introduction of various retail investment offerings catering to diverse investor needs.
The newly secured funds will bolster Abyan’s platform, enhance its suite of financial products, and accelerate market penetration across the investment solution value-chain. Moreover, the investment will advance Abyan’s mission to provide access to sophisticated investment tools, fostering broader participation in global and local financial markets.
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