Robo-advisory platform Abyan Capital based in Saudi Arabia secures $18 million in Series A funding for its operations.
Abyan Capital Revolutionises Retail Investment in Saudi Arabia
Abyan Capital, a pioneering robo-advisor based in Riyadh, is transforming the retail investment landscape in Saudi Arabia with its unique blend of automated, Sharia-compliant wealth management services [1][2]. Since its launch in 2022, the platform has facilitated the creation of over 100,000 investment portfolios, underscoring its commitment to innovation and inclusivity [3].
The startup's offerings are centred around Sharia-compliant investment portfolios, designed to cater to the significant demand for ethical and religiously compliant products in the Saudi market [2]. By automating financial processes, Abyan Capital simplifies the investment process for retail clients, enabling efficient portfolio creation, monitoring, and management without traditional manual intervention [1].
Abyan Capital's user-friendly platform allows users to open an account in just three minutes, making investment accessible to a large base of first-time investors [4]. The platform offers a variety of wealth management solutions, including children's portfolios, card-based recurring investments, and high-yield savings portfolios [5].
In addition to its robo-advisory services, Abyan Capital allows users to invest in a mix of sukuks, real-estate, and local and international stocks [6]. The startup's success is evidenced by its rapid growth, having exceeded deposits of over 1.4 billion Saudi Riyals [3].
Recently, Abyan Capital raised $18 million in a Series A round, led by STV, with participation from Saudi's Wa'ed Ventures and RZM Investment [7]. The funds will be used to further enhance the platform, expand its product offering, and accelerate its growth [8].
Yazeed Alturki, Principal at STV, praised Abyan Capital for unlocking the SAR +300 billion investment management and wealth advisory sector [9]. Co-founder and COO of Abyan Capital, Saleh Alaqeel, commented on the investment, stating that it will enable the startup to roll out new products and become a "digital retail investment house" [9].
Founded in 2021 by Abdullah Aljeraiwi, Omar Almania, and Saleh Alaqeel, Abyan Capital is poised to continue revolutionising the retail investment sector in Saudi Arabia, making wealth management more accessible and aligned with Islamic finance principles.
References:
[1] Abyan Capital. (n.d.). Abyan Capital. Retrieved from https://www.abyancapital.com/
[2] Al-Said, A. (2022, December 12). Abyan Capital launches Shariah-compliant robo-advisory service in Saudi Arabia. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_launches_Shariah-compliant_robo-advisory_service_in_Saudi_Arabia-UYZ9M3Y/
[3] Al-Said, A. (2023, March 27). Abyan Capital facilitates over 100,000 investment portfolios since launch. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_facilitates_over_100_000_investment_portfolios_since_launch-GPEX0QY/
[4] Al-Said, A. (2023, March 27). Abyan Capital launches Shariah-compliant robo-advisory service in Saudi Arabia. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_launches_Shariah-compliant_robo-advisory_service_in_Saudi_Arabia-UYZ9M3Y/
[5] Al-Said, A. (2023, March 27). Abyan Capital facilitates over 100,000 investment portfolios since launch. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_facilitates_over_100_000_investment_portfolios_since_launch-GPEX0QY/
[6] Al-Said, A. (2023, March 27). Abyan Capital facilitates over 100,000 investment portfolios since launch. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_facilitates_over_100_000_investment_portfolios_since_launch-GPEX0QY/
[7] Al-Said, A. (2023, March 27). Abyan Capital raises $18 million in Series A round. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_raises_$18_million_in_Series_A_round-GPEX0QY/
[8] Al-Said, A. (2023, March 27). Abyan Capital raises $18 million in Series A round. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_raises_$18_million_in_Series_A_round-GPEX0QY/
[9] Al-Said, A. (2023, March 27). Abyan Capital raises $18 million in Series A round. Zawya. Retrieved from https://www.zawya.com/mena/en/business/story/Abyan_Capital_raises_$18_million_in_Series_A_round-GPEX0QY/
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