Abyan Capital Secures $18 Million in Funding for AI-driven Financial Services
Riyadh-based financial robo-advisory firm Abyan Capital has successfully raised $18 million in funding, highlighting the increasing confidence in Saudi Arabia’s artificial intelligence sector.
Funding Round Led by STV
The funding round was led by STV, with participation from Aramco’s Wa’ed Ventures and RZM Investment. Robo-advisors are digital platforms that leverage AI and machine learning algorithms to automate and optimize investment processes.
Revolutionizing Wealth Management
Founded in 2022 by Abdullah Al-Jeraiwi, Omar Al-Mania, and Saleh Al-Aqeel, Abyan Capital offers automated solutions and portfolio management for long-term investments. The company’s mobile-first, robo-advisory model aims to unlock the SR300 billion ($80 billion) investment management and wealth advisory sector in Saudi Arabia.
Empowering First-time Investors
Yazeed Al-Turki, principal at STV, praised Abyan Capital for enabling a large base of first-time investors to access wealth management solutions. The company’s commitment to innovation and inclusivity has set it apart in the industry.
Future Plans for Abyan Capital
The newly secured funds will be used to enhance the platform, expand financial products, and accelerate market penetration. CEO Abdullah Al-Jeraiwi highlighted Abyan’s success in exceeding deposits of SR1.4 billion and having over 100,000 portfolios invested. The company plans to launch new diversified products to become the go-to digital retail investment house in the region.