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 the second venture capital fund by Riyad Capital. The firm is also behind Riyad Taqnia Fund (RTF), which was founded in 2016, and has invested in companies like Foodics, Trukker, Beehive, and Souqalmal. RTF invests in seed to Series B companies.
Riyad Capital has not shared any details on what stages 1957 Ventures would be investing in.
In a statement, the firm highlighted that the launch of the fund emphasizes Riyad Capital and Riyad Bank’s strategic dedication to 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 unwavering commitment to driving fintech innovation and digital transformation, this fund builds upon our track record of supporting cutting-edge initiatives in this pivotal sector.”
“By empowering startups and entrepreneurs, we fuel Saudi Arabia’s economic growth and diversification, aligning with the bold ambitions of Vision 2030. While proud of our past impact, we recognize the vast potential still ahead and are dedicated to fostering sustainable growth,” he added.
Dr. Abdullah Alshwer, CEO of Riyad Capital, said, “The 1957 Ventures fund embodies a forward-thinking financial vision aligned with the Kingdom’s ambitious digital transformation goals, this fund signifies a strategic investment in the future of Saudi fintech.”
The launch of the new fund by Riyad Capital comes at a time when it is exploring an IPO on Tadawul.
