Saudi Arabia's Riyad Capital establishes 1957 Ventures for funding Saudi financial technology start-ups
New Venture Capital Fund to Boost Saudi Arabia's Fintech Sector
Riyad Capital, a subsidiary of Riyad Bank, has launched a new venture capital fund named 1957 Ventures. The fund will be investing in fintech startups in Saudi Arabia, aiming to drive growth in the Kingdom’s fintech ecosystem.
The fund is designed to support fintech companies as they scale, focusing on innovative ventures that contribute to the development of the financial technology sector in the region. There are no indications that the fund will target only later-stage or mature companies; rather, emphasis appears on startups in their formative and expansion phases to foster innovation and market development.
Riyad Capital, the company behind the fund, is also the creator of Riyad Taqnia Fund (RTF), which was founded in 2016. RTF invests in seed to Series B companies, and has backed several successful startups such as Foodics, Trukker, Beehive, and Souqalmal.
The launch of the 1957 Ventures fund demonstrates Riyad Bank's unwavering commitment to driving fintech innovation and digital transformation. This initiative directly supports the development of a robust financial sector in Saudi Arabia, aligning with the bold ambitions of Vision 2030, the Kingdom's long-term development plan.
The aim of 1957 Ventures is to fuel Saudi Arabia's economic growth and diversification, with a focus on the fintech sector. The launch of the fund emphasizes Riyad Capital and Riyad Bank's strategic dedication to advancing the Kingdom's digital transformation.
[1] Source: Arab News, "Riyad Capital launches fintech investment fund 1957 Ventures", 13th January 2023. Available at: https://www.arabnews.com/node/1957-ventures-fintech-investment-fund-launched-riyad-capital-riyad-bank
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