Saudi startup Almutanabi has launched an AI-powered equity trading app that suggests trades in Saudi and global stocks, while seeking up to $4M in Series A funding.
The app became available to paying customers on August 30 and currently has fewer than 100 retail users, according to the company. It charges a monthly fee and analyses factors including trading patterns, company cash flows and incremental share price movements to predict the direction of a stock’s price.
The technology was built in-house, said Omar Alolayan, the company’s chief of AI. Almutanabi hopes to expand beyond retail investors and attract institutional customers.
The company is approved by Saudi Arabia’s Capital Markets Authority to act as an adviser, but is not licensed as a broker. Users must therefore review and approve suggested trades themselves. Almutanabi is also in discussions with Saudi trading apps about embedding its technology into brokerage platforms.
The startup is self-funded by Alolayan and co-founder Mohammad Alsallum. It plans to raise between SAR10M and SAR15M, or about $2.66M to $4M, in a Series A round.
AI can process market data faster than people, but experts caution that consistently predicting stock prices remains extremely difficult because markets are inherently unpredictable.
Source: AGBI
