HomeSaudi ArabiaRiyad Capital Launches 1957 Ventures

Riyad Capital Launches 1957 Ventures

Riyad, Saudi Arabia based Riyad Capital has announced the launch of the 1957 Ventures, an investment fund focused on driving growth in the Kingdom’s fintech sector.

The fund, backed by Riyad Bank, will directly support the development of a financial sector, promoting innovation and competitiveness within Saudi Arabia, in line with the objectives of Saudi Vision 2030 and the Financial Sector Development Program.

It is know that the investment fund will deal with acceleration and incubation of new ventures to add value in the Fintech space.

Commenting on the launch, 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.

Dr. Abdullah Alshwer, CEO of Riyad Capital, added “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. Our institutional approach will unlock new levels of innovation, driving both sector growth and sustainable economic impact.

VCWire

27/05/2024