{"id":85797,"date":"2024-05-05T00:00:00","date_gmt":"2024-05-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/05\/robo-advisor-abyan-capital-closes-series-a-round\/"},"modified":"2024-05-05T00:00:00","modified_gmt":"2024-05-05T00:00:00","slug":"robo-advisor-abyan-capital-closes-series-a-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/05\/robo-advisor-abyan-capital-closes-series-a-round\/","title":{"rendered":"Robo-advisor Abyan Capital closes series A round"},"content":{"rendered":"

Robo-advisory <\/strong>Abyan Capital<\/a><\/strong> raised SAR 68 mn (USD 18 mn) in a Series A <\/strong>round <\/strong>led by early stage tech-focused VC firm Saudi Technology Ventures (STV)<\/a>, according to a joint press release<\/a>. Aramco-backed VC fund Wa'ed Ventures<\/a> and Riyadh-based VC firm RZM investment<\/a> also joined the round. The company didn\u2019t offer information on its capital structure following the offering. Two founders we reached out to for comment didn\u2019t reply to messages by dispatch time this morning.<\/p>\n

What\u2019s Abyan?<\/strong> Founded in 2022 by Abdullah Al-Jeraiwi (LinkedIn<\/a>), Omar Al-Mania (LinkedIn<\/a>), and Saleh Al-Aqeel (LinkedIn<\/a>), Abyan says it provies \u201cautomated, easy-to-use, and shariah-compliant investment and savings solutions,\u201d allowing retail investors to \u201cefficiently manage their investments, optimize their asset allocations, and achieve their financial goals with ease.\u201d The company offers educational resources for amateur investors here<\/a>. <\/p>\n

Want to go deeper? <\/strong>Download the app (App Store<\/a> | Google Play<\/a>).<\/p>\n

Use of proceeds: <\/strong>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. <\/p>\n

Investment solutions: <\/strong>The company offers three multi-asset investment portfolios including a low-risk portfolio<\/strong> with a distribution of 70% sukuk, 20% real estate, and 10% stocks, a moderate-risk wallet<\/strong> \u2014 45% stocks, 30% sukuk, and 30% real estate \u2014 and a high-risk portfolio<\/strong> (70% stocks and 30% sukuk and real estate), according to its website<\/a>. 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.<\/p>\n

What they said: <\/strong>\u201cAbyan 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,\u201d CEO Abdullah Al-Jeraiwi said.<\/p>\n

IN CONTEXT- Local robo-advisors manage assets of more than <\/strong>SAR 1 bn<\/strong>, Capital Market Authority official Yazeed Al Demaigi said in December 2023<\/a>.<\/p>\n

What are robo-advisors? <\/strong>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. <\/p>\n","protected":false},"excerpt":{"rendered":"

Tech-focused VC Saudi Technology Ventures led the funding round<\/p>\n","protected":false},"author":1,"featured_media":85798,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[31,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-investment-watch","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"0bba0ca7-725b-499b-86ed-da5111d00e74","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/231.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Robo-advisor Abyan Capital closes series A round with participation from three VCs","related_issue":[85786],"teaser":"Tech-focused VC Saudi Technology Ventures led the funding round","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.828a6058-267e-4568-a691-820c71407ba6.mp3"},"yoast_head":"\nRobo-advisor Abyan Capital closes series A round - 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