The full scale of Saudi Arabia’s potential as a global hub for financial technology came to the fore on day two of the first-ever 24 Fintech in Riyadh with the announcement of a SAR800 million (US$213 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
The closed-end investment fund, an initiative of 1957 Ventures, which is backed by Riyad Bank, was unveiled by 1957 Ventures CEO Emad Kashgari in a keynote address, underlining the firm’s commitment to fintech innovation in the Kingdom.
Emphasising Saudi Arabia’s leadership in the sector, Kashgari noted the Kingdom captured 58 % of all venture capital invested in the MENA fintech sector in 2023, with market value projections reaching US$2.40 billion by 2029. In 2023 alone, investments in fintech in Saudi Arabia topped US$790 million, according to Kashgari, an eight-fold increase on 2021 numbers of US$91 million, with US$239 million invested in 2022.
“At 1957 Ventures, we are proud to be backed by the largest fund of its kind in the region – a closed-end investment fund exceeding SAR 800 million (over USD 213 million), dedicated to corporate venture building,”
said Kashgari.
Featured image credit: edited from freepik
