Abyan Capital, a pioneering firm in Saudi Arabia’s robo-advisory domain, has successfully garnered an $18 million Series A investment. The funding round was spearheaded by STV with contributions from Wa’ed Ventures and RZM Investment. This milestone underscores the burgeoning potential of automated financial advice in the region.
Launching in 2022, Abyan Capital has been at the forefront, innovating within the financial advisory space by providing automated, Shariah-compliant investment and saving strategies suitable for clients with varying levels of financial knowledge.
The infusion of new capital will be allocated towards improving Abyan’s technology infrastructure, broadening its array of financial offerings, and intensifying its reach in the market, thereby advancing its goal to make sophisticated investment tools universally accessible.
The Saudi-based robo-advisory service provider has marked a new chapter with its successful $18 million Series A investment drive. STV, along with major support from Wa’ed Ventures and RZM Investment, played key roles in this financial boost.
Abyan Capital has distinguished itself by delivering user-centric, Shariah-compliant investment and savings mechanisms that democratize financial advisory services in Saudi Arabia.
Abdullah Aljeraiwi, the CEO and co-founder of Abyan Capital, shared the company’s vision, “We founded Abyan Capital to make personal investment accessible to all Saudis, regardless of their financial savvy.” He added, “Our mission is in line with the objectives of the Financial Sector Development Programme, aiming to transform how individual assets are managed in the Kingdom.”
Saleh Alaqeel, Co-founder and COO, underscored the firm’s unique retail investment solutions, which include specialized portfolios for children, convenient card-based recurring investments, and portfolios with competitive returns.
He also noted the country’s strong technology infrastructure, which has facilitated over 4 million trades and the allocation of more than 600,000 dividends successfully.
Yazeed Alturki, Principal at STV, commended Abyan Capital for its innovative approach in the Saudi investment management and wealth advisory space. He expressed STV’s excitement about supporting Abyan Capital’s mobile-first, robo-advisory model to further revolutionize the wealth management sector.
Fahad Alidi, Managing Director at Wa’ed Ventures, reaffirmed their dedication to promoting financial inclusivity in the area and to backing Abyan Capital in its quest to offer diversified investment and savings routes to retail investors.
Abdullah Alkasbi of RZM Investment lauded Abyan for its state-of-the-art financial technology and tailored investment products that meet the evolving demands of the market. He particularly praised the launch of a savings product offering daily returns for retail investors, aligning with RZM Investment’s own investment philosophy.
The fresh funds are set to catalyze Abyan’s growth strategies, which include platform enhancement, diversification of financial products, and an increase in market penetration, enriching the investment solution ecosystem.