Arab News, Sun, May 05, 2024 | Shawwal 26, 1445
Saudi financial robo-advisory firm Abyan Capital secures $18m in funding
Saudi Arabia:
Financial robo-advisory firm Abyan Capital has secured $18 million in funding in
further evidence of the growing confidence in the Kingdom’s artificial
intelligence sector.
Led by STV, the funding round also saw
participation from Aramco’s Wa’ed Ventures and RZM Investment.
Robo-advisors are digital platforms that utilize
AI and machine learning algorithms to automate and optimize investment
processes.
Founded in 2022 by Abdullah Al-Jeraiwi, Omar
Al-Mania and Saleh Al-Aqeel, Abyan Capital is a financial services company that
provides an automated solution and portfolio management for long-term
investments.
“Abyan Capital stands out by unlocking the SR300
billion ($80 billion) investment management and wealth advisory sector for
investors from all backgrounds in Saudi Arabia, through its mobile-first,
robo-advisory model,” Yazeed Al-Turki, principal at STV, said in a statement.
In a short period of time, he said 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,” Al-Turki added.
The company aims to utilize its newly secured
funds to further enhance its platform, expand its suite of financial products,
and accelerate its market penetration across the investment solution value
chain.
“Today, we are proud that in a very short amount
of time, Abyan has exceeded deposits of over SR1.4 billion 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,” said Al-Jeraiwi, the
CEO.