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Robo-advisory Abyan Capital raised SAR 68 mn (USD 18 mn) in a Series A round led by early stage tech-focused VC firm Saudi Technology Ventures (STV), according to a joint press release. Aramco-backed VC fund Wa'ed Ventures and Riyadh-based VC firm RZM investment also joined the round. The company didn’t offer information on its capital structure following the offering. Two founders we reached out to for comment didn’t reply to messages by dispatch time this morning.
What’s Abyan? Founded in 2022 by Abdullah Al-Jeraiwi (LinkedIn), Omar Al-Mania (LinkedIn), and Saleh Al-Aqeel (LinkedIn), Abyan says it provies “automated, easy-to-use, and shariah-compliant investment and savings solutions,” allowing retail investors to “efficiently manage their investments, optimize their asset allocations, and achieve their financial goals with ease.” The company offers educational resources for amateur investors here.
Want to go deeper? Download the app (App Store | Google Play).
Use of proceeds: Abyan plans to use the fresh funds to improve its platform, expand its product offering, and broaden its market presence to reach more customers, and grant them greater access to global and local financial markets.
Investment solutions: The company offers three multi-asset investment portfolios including a low-risk portfolio with a distribution of 70% sukuk, 20% real estate, and 10% stocks, a moderate-risk wallet — 45% stocks, 30% sukuk, and 30% real estate — and a high-risk portfolio (70% stocks and 30% sukuk and real estate), according to its website. The minimum deposit for investment through the Abyan platform is SAR 100k which can be deposited through Apple Pay, Mada cards, and / or bank transfer.
What they said: “Abyan has exceeded deposits of over SAR 1.4 bn and invested more than 100k portfolios. And we will be launching new, diversified products soon with the goal of making Abyan a digital retail investment house,” CEO Abdullah Al-Jeraiwi said.
IN CONTEXT- Local robo-advisors manage assets of more than SAR 1 bn, Capital Market Authority official Yazeed Al Demaigi said in December 2023.
What are robo-advisors? They are financial advisory and asset management firms that look to keep costs low by using algorithms to automate some of their operations, including coming up with portfolio splits and making decisions about asset allocation.
