Fintech
Riyad Capital launches 1957 Ventures to invest in Saudi fintech startups
Riyad Capital, a wholly owned subsidiary of Riyad Bank, has launched 1957 Ventures, an investment vehicle that will invest in fintech startups in Saudi Arabia, it announced in a statement on Monday.
It is Riyadh Capital’s second venture capital fund. The firm is also behind the Riyad Taqnia Fund (RTF), founded in 2016, which has invested in companies such as Foodics, Trukker, Beehive and Souqalmal. RTF invests in seed Series B companies.
Capital of Riyadh did not share any details on the stages in which 1957 Ventures would invest.
In a statement, the company highlighted that the launch of the fund underlines the strategic commitment of Riyad Capital and Riyad Bank in advancing the Kingdom’s digital transformation: “This initiative directly supports the development of a robust financial sector, promoting innovation and competitiveness within Saudi Arabia”.
Nadir Al-Koraya, CEO of Riyad Bank, said: “The launch of the 1957 Ventures fund demonstrates Riyad Bank’s ongoing commitment to driving fintech innovation and digital transformation. This fund builds on our experience supporting cutting-edge initiatives in this crucial sector.”
“By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030. While we are proud of our past impact, we recognize the vast potential still ahead of us and are committed to promoting sustainable growth,” he added. .
Dr. Abdullah Alshwer, CEO of Riyad Capital, said: “The 1957 Ventures fund embodies a forward-looking financial vision aligned with the Kingdom’s ambitious digital transformation goals, this fund represents a strategic investment in the future of Saudi fintech.”
Riyad Capital’s launch of the new fund comes at a time when it is explore an IPO on Tadawul.