Riyad Capital has launched the 1957 Ventures fund, a closed-end investment fund backed by Riyad Bank to drive transformative growth in the Saudi fintech sector.

The launch aligns with the objectives of Saudi Vision 2030 and the Financial Sector Development Programme, according to a press release.

The fund is part of Riyad Capital and Riyad Bank's strategic commitment to boosting Saudi Arabia’s digital transformation.

They aim to secure opportunities for innovative fintech business models that support the development of a robust financial sector, promoting innovation and competitiveness within the Kingdom.

Nadir Al Koraya, CEO of Riyad Bank, highlighted: "By empowering startups and entrepreneurs, we fuel Saudi Arabia's economic growth and diversification, aligning with the bold ambitions of Vision 2030."

Abdullah Alshwer, CEO of Riyad Capital, stated: "The 1957 Ventures Fund embodies a forward-thinking financial vision aligned with the Kingdom's ambitious digital transformation goals; this fund signifies a strategic investment in the future of Saudi fintech.”

“Our institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact,” Alshwer pointed out.

In the first quarter (Q1) of 2024, the net profits of Riyad Bank increased by 2.63% to SAR 2.07 billion from SAR 2.01 billion in Q1-23.

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