SAB Invest has announced the launch of its first-ever venture capital fund, focused on fostering financial innovation in Saudi Arabia’s fintech and technology sectors. The launch was unveiled at the 24Fintech conference held at the Riyadh International Convention and Exhibition Center, an event organized by Fintech Saudi and Alliance Company from September 3 to 5, 2024. The fund marks a significant step forward in supporting technology-driven startups, particularly those in the early and growth stages of development.

Focus on Financial Innovation and Saudi Vision 2030

The primary objective of SAB Invest's venture capital fund is to promote financial innovation among tech startups in Saudi Arabia. With a strategic emphasis on early-stage and growth-stage companies, the fund aligns with the Financial Sector Development Program under Saudi Vision 2030. This program aims to bolster private sector growth and drive innovation across the country’s financial and technology landscapes. SAB Invest will utilize its investment expertise and knowledge of the local market to identify and support promising opportunities, ensuring these companies receive not only financial backing but also access to an extensive network within the financial services industry.

Commitment to the Saudi Fintech Ecosystem

Ali Almansour, CEO of SAB Invest, highlighted the fund’s role in supporting Saudi Arabia’s fintech ecosystem. He emphasized that the fund represents the continued commitment of major institutions to advancing the Kingdom's financial services sector through technology and innovation. By investing in fintech startups, Almansour believes that the sector can undergo a significant transformation, providing the Saudi population with access to cutting-edge financial products and services that will shape the future of the industry.

Strategic Vision from SAB Leadership

Tony Cripps, CEO of SAB, expressed his excitement about the venture capital fund and its potential to accelerate financial innovation in the Saudi market. He noted the immense potential within the local fintech sector, stating that the fund would be crucial in nurturing the next generation of disruptive and high-growth fintech startups. By supporting these emerging companies, SAB aims to contribute to the creation of a more innovative and inclusive financial ecosystem, consistent with the goals set forth in Saudi Vision 2030.

The launch of SAB Invest’s first venture capital fund is a major milestone in the effort to drive financial innovation within Saudi Arabia’s fintech landscape. With backing from key industry players and alignment with Vision 2030, the fund is poised to provide critical support to technology startups, enabling them to develop innovative solutions that will transform the financial services industry. SAB Invest’s commitment to enhancing the fintech ecosystem marks a significant step toward creating a more inclusive, dynamic, and future-oriented financial sector in the Kingdom.