Saudi fintech company Abwab.ai has raised SAR 15 million ($4M) in a seed round led by European venture capital firm Speedinvest, with participation from Middle East Venture Partners (MEVP).
Founded in Riyadh in 2023, Abwab.ai develops AI-powered infrastructure for banks and financing companies. Its technology supports the SME financing lifecycle, including customer onboarding, credit assessment, financing origination, disbursement, servicing, invoicing, collections and recovery.
The company does not provide financing directly. Instead, financial institutions can use its full platform or integrate selected tools into their existing systems to reduce manual work and process more applications.
According to the company, its technology is used by more than 10 financial institutions in Saudi Arabia, with financing processed through the platform exceeding SAR 10 billion. Its customers include Abdul Latif Jameel Finance, Kafalah, Hala and Lendo.
Speedinvest’s investment marks its first in Saudi Arabia. The firm manages more than €1.2 billion in assets.
Abwab.ai said it will use the new funding to expand its AI-powered solutions and strengthen its ability to support financial institutions as SME financing grows in the Kingdom. The company was founded by Baraa Koushk, who serves as co-founder and CEO, and Mohamed Hashem, co-founder and chief business officer.
Source: Jawlah
