Abyan Capital, the first robo-advisory company to launch in Saudi Arabia, announced the closing of a SAR68 million ($18 million) Series A round led by STV with participation from Wa’ed Ventures and RZM Investment.
Since its launch in 2022, Abyan Capital aim to revolutionise the financial advisory landscape in Saudi Arabia by providing automated, easy-to-use, and Shariah-compliant investment and savings solutions. The company’s product suite enables users to efficiently manage their investments, optimise their asset allocations, and achieve their financial goals with ease.
“Abyan Capital was founded with the vision to simplify personal investment for everyone in Saudi Arabia, regardless of their financial literacy levels,”
said Abdullah Aljeraiwi, CEO and co-founder of Abyan Capital.
“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.”
Yazeed Alturki, Principal at STV, remarked,
“Abyan Capital stands out by unlocking the SAR +300 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. We are delighted to partner with Abdullah, Saleh and the team on their journey to redefine the wealth management ecosystem in the Kingdom.”
The newly secured funds will be utilised to further enhance Abyan’s platform, expand its suite of financial products, and accelerate its market penetration across the investment solution value-chain. The investment will also support the company’s mission to provide access to sophisticated investment tools and instruments, enabling a wider segment of the population to participate in and benefit from global and local financial markets.
Featured image credit: Abdullah Aljeraiwi, CEO and co-founder of Abyan Capital, edited from Unsplash
