Riyadh-based funding platform Abyan Capital has raised $18 million in a Collection A spherical led by STV, it introduced on Thursday. The spherical additionally included participation from Saudi’s Wa’ed Ventures and RZM Funding.
Based in 2021 by Abdullah Aljeraiwi, Omar Almania, and Saleh Alaqeel, Abyan Capital launched its Shariah-compliant robo-advisory platform in 2022 to make it simple for a median person in Saudi to avoid wasting and make investments.
In keeping with its web site, Abyan Capital permits customers to open their account on its platform (obtainable on iOS and Android) in simply three minutes and deposit cash to start out investing. The customers get a portfolio advice based mostly on their threat and different preferences throughout their onboarding.
The platform permits customers to spend money on a mixture of sukuks, real-estate, and native and worldwide shares. The low-risk portfolio depends closely on sukuks and high-risk on shares.
Abyan costs customers a 1 p.c annual price for managing their investments, which is billed month-to-month. Sarwa, a UAE-based robo-adivsory platform, costs between 0.5 to 0.85 p.c, in response to their web site.
Abyan Capital claims to be the primary robo-advisor within the Kingdom and has “exceeded deposits of over 1.4 billion Saudi Riyals and invested greater than 100,000 portfolios” since its launch. The startup plans to roll out new merchandise to turn into a “digital retail funding home,” its co-founder and CEO Abdullah Aljeraiwi mentioned in an announcement.
He additionally defined that they began the corporate to simplify private investments for everybody in Saudi, no matter their monetary literacy stage “The concept of Abyan started as an effort to disrupt the asset administration trade within the Kingdom for people, which is likely one of the goals of the Monetary Sector Growth Programme.”
Saleh Alaqeel, co-founder and COO of Abyan Capital, commenting on the funding, mentioned, “This funding highlights the potential of Saudi Arabia’s burgeoning trendy funding trade. Since our launch, we’ve launched a number of distinctive retail funding choices, together with kids’s portfolios, card-based recurring investments, and high-yield financial savings portfolios, amongst others.”
Yazeed Alturki, Principal at STV, mentioned, “Abyan Capital stands out by unlocking the SAR +300 billion funding administration and wealth advisory sector for traders from all backgrounds in Saudi Arabia, by its mobile-first, robo-advisory mannequin. In a brief time period, Abyan has enabled a big base of first-time traders to entry a number of wealth administration options, underscoring the workforce’s dedication to innovation and inclusivity.”
The startup plans to make use of the funds to additional improve its platform, develop its product providing, and speed up its development.
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