The secured fund will be used to enhance the business platform, and quality of financial products, and boost the market insights.

Abyan Capital, the very first robo-advisory company from Kingdom of Saudi Arabia, have announced that it has successfully closed of an $18 million (SAR68 million) series A round backed by STV along with the contribution from RZM Investment and Wa’ed Ventures.

Founded in 2022 by Abdullah Aljeraiwi Omar Almania and Saleh Alaqeel, Abyan Capital is a reputed financial platform that provides valuable financial services such as automated solutions and portfolio management for long-term investments. Abyan Capital has transfigured the complete landscape of financial advisory in Saudi Arabia by providing customers with easy-to-use, automated, and Shariah-compliant investments along with unique saving solutions. The product suite of this company allows users to manage their investments efficiently, refine asset issuance, and execute their financial goals easily.

Abdullah Aljeraiwi, the CEO and co-founder of Abyan Capital has added, “Abyan Capital was founded with the vision to simplify personal investment for everyone in Saudi Arabia, regardless of their financial literacy levels. 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.”

According to Saleh Alaqeel, the Co-founder and COO of Abyan Capital, the collected funding amount spotlights the capability of the burgeoning latest investment industry. He further added that, since the launch of the company, the platform has introduced multiple remarking offers for retail investment, which includes portfolios for children, high-yield savings portfolios, card-based recurring investments, and many more. The company even demonstrates the infrastructure of robust technology in the kingdom, as the platform has successfully processed more than 4 million trades and provided more than 600,000 amounts to their users.

The principal at STV, remarked, Yazeed Alturki said, “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.”

Fahad Alidi, the Managing Director of Wa’ed Ventures mentioned, that their funding in Abyan Capital shows their commitment to supporting fast-growing companies that offer advanced financial involvement across the region. He also shared that being part of this collaboration Wa’ed Ventures is thrilled and looking forward to being a part of the journey with Abdullah Alkasbi and Saleh Alaqeel to enlarge savings and investment options for the retail investors. He also believes that it would be a great contribution to the Kingdom of Saudi Arabia to achieve its target of 10% for personal savings in  Vision 2030.

In conclusion, Abdullah Alkasbi from RZM Investment said that Abyan Ventures is esteemed for its unique investment products and remarking financial technology which will be helpful for the current and future market demands. According to him, it is amazing to be with one of the frontline applications to launch an efficient saving product with daily returns for retail users and a fast and smooth customer support experience that is successfully aligned with the philosophy of RZM Investment.

The newly raised funds will be used to enhance Abyan’s platform further, enlarge its array of financial products, and speed up its market insights covering the funding solution value chain. The fund will equally support the mission of the company to give access to advanced investment instruments and tools, allowing a wider section of the citizens to be a part of and take advantage of local and global financial markets.