Abyan Capital, a Saudi Arabia-based robo-advisory firm, closed a 68 million riyals ($18.1 million) Series A funding round, which was led by the kingdom’s STV, an $800mln technology venture capital fund.

Other companies that participated in the Abyan Capital funding round include Wa’ed Ventures, a venture capital fund backed by Saudi Aramco, and RZM Investment, a venture capital firm based in Riyadh.

Launched in 2022, Abyan Capital provides automated and Shariah-compliant investment and savings solutions.

“Abyan Capital was founded with the vision to simplify personal investment for everyone in Saudi Arabia, regardless of their financial literacy levels,” said AbdullahAljeraiwi, CEO and Co-founder of Abyan Capital, said in a statement.

The company said the newly secured funds will be utilised to further enhance its platform, expand its suite of financial products, and accelerate its market penetration across investment solution value-chain. 

(Writing by Bindu Rai, editing by Seban Scaria)