STV led SAR68 million ($18 million) Series A round led by RZM Investment and Wa’ed Ventures was closed by Abyan Capital, the first robo-advisory company to launch in Saudi Arabia.
With its automated, user-friendly, and Shariah-compliant savings and investment solutions, Abyan Capital has completely transformed the financial advising market in Saudi Arabia since its founding in 2022. The product suite offered by the company facilitates the effective management of investments, optimal allocation of assets, and effortless attainment of financial objectives by users.
“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 Programme. Today, we are proud that in a very short amount of time, Abyan has exceeded deposits of over 1.4 billion Saudi Riyals and invested more than 100,000 portfolios. And we will be launching new, diversified products soon with the goal of making 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 Arabia’s robust technology infrastructure, as we’ve successfully processed over 4 million trades and distributed more than 600,000 dividends to our users.”
Yazeed Alturki, Principal at STV, remarked, “Abyan Capital stands out by unlocking the SAR +300 billion investment management and wealth advisory sector for 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 backing 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 recently raised money will be put to use expanding Abyan’s financial product line, improving its platform, and quickening its entry into the investment solution value chain. The investment will additionally uphold the company’s objective of furnishing sophisticated investment tools and instruments to a broader demographic, thereby permitting their involvement in and advantage from both local and international financial markets.
