Riyadh, Saudi Arabia — Abyan Capital, the first robo-advisory company to launch in Saudi Arabia, today announced the closing of a SAR 68 million (USD 18 million) Series A round led by STV with participation from Wa'ed Ventures and RZM Investment.

Since its launch in 2022, Abyan Capital has revolutionized 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, optimize 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 Program. Today, we are proud that in a very short amount of time, Abyan has exceeded deposits of over 1.4 billion Saudi Riyals and more than 100,000 portfolios invested. And we will be launching new diversified products soon with a goal to make Abyan the digital retail investment house”

Saleh Alaqeel, Co-founder and COO of Abyan Capital, added, "This funding highlights the potential of Saudi Arabia's burgeoning modern investment industry. Since our launch, we've introduced several unique retail investment offerings, including children's portfolios, card-based recurring investments, and high-yield savings portfolios, among others. It also demonstrates Saudi's robust technology infrastructure, as we've successfully processed over 4 million trades and more than 600,000 dividends distribution for our users."

Yazeed Alturki, Principal at STV remarked, “Abyan Capital stands out by unlocking the SAR +300 billion investment management and wealth advisory sector to 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”

“Our investment in Abyan Capital reflects our commitment to back high growth companies that advance financial inclusion in the region. We are excited to join Abdullah and Saleh in their journey to expand investment and savings options for retail investors; hence, contributing to the Kingdom meeting its Vision 2030 target of 10% for personal savings,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

Lastly, Abdullah Alkasbi from RZM Investment stated, " Abyan is distinguished by its advanced financial technology and investment products that are suitable for the current and future market requirements. Especially with being the first app to launch a saving product with daily returns for retails, with a smooth and fast customer experience that aligns with our philosophy at RZM Investment”.

The newly secured funds will be utilized to further enhance Abyan’s platform, expand its suite of financial products, and accelerate its market penetration across 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 and benefit from global and local financial markets.

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About Abyan Capital

Abyan Capital is a financial service company that provides an automated solution and portfolio management for long-term investments. The platform is considered to be the first robo-advisory fintech to launch in Saudi Arabia, and has gathered a wide user base with over SAR 1.4 billion deposited in the platform by retail investors. To learn more, please visit: https://abyancapital.sa/

For further details, please contact:
Munthir Alhawas
E: malhawas@abyancapital.sa

About Wa’ed Ventures

Wa’ed Ventures is a $500 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa'ed Ventures manages a portfolio of 60+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more information, please visit: www.waed.net

For more information please contact:
Nagham Aleithan
E: nagham.aleithan@waed.net

About STV

Launched in 2018, STV is the largest technology VC fund in the Middle East. With over $800 million in capital, STV backs and scales the region’s most exciting and disruptive technology companies, focusing on growth-stage tech. For more information, please visit https://stv.vc/

For more information, please contact:
Awadh Aljuraib
email: awadh@stv.vc