1957 Ventures fund launched by Riyad Capital to drive Saudi fintech innovation
In keeping with the goals of Saudi Vision 2030 and the Financial Sector Development Programme, Riyad Capital has announced the start of the “1957 Ventures” fund, a closed-end investment fund supported by Riyad Bank. The fund is intended to drive transformative growth in the fintech industry in Saudi Arabia.
The establishment of this fund demonstrates the strategic dedication of Riyad Capital and Riyad Bank to quickening the digital transformation of the Kingdom. This initiative directly supports the growth of a strong financial sector, fostering innovation and competitiveness within Saudi Arabia, by opening doors for creative fintech business models.
Nadir Al-Koraya, CEO of Riyad Bank, stated, “The launch of the 1957 Ventures fund demonstrates Riyad Bank’s unwavering commitment to driving fintech innovation and digital transformation; this fund builds upon our track record of supporting cutting-edge initiatives in this pivotal sector. By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030. While proud of our past impact, we recognise the vast potential still ahead and are dedicated to fostering sustainable growth.”
Dr. 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.”
A prominent player in the Kingdom’s banking and financial sector, Riyad Bank places a strong emphasis on initiatives related to digital transformation. It also keeps up with the ongoing digital evolution that is occurring globally and is a strategic partner of several global platforms for innovation. One of the most creative and prominent businesses in asset management and alternative investments is Riyad Capital, a significant subsidiary of Riyad Bank.
