Abwab secures 15M riyals for AI financing

Abwab AI for Finance has secured a $4 million (15 million SAR) pre-seed funding round led by European firm Speed Invest, with participation from Middle East Venture Partners. The company specializes in developing technology that helps financial institutions more efficiently assess and manage small and medium-sized enterprise (SME) financing. To date, its technologies have processed financing exceeding 10 billion SAR (approximately $2.7 billion) across more than 10 institutions in Saudi Arabia. This funding comes amidst the rapid growth of the SME sector in Saudi Arabia, which aims to increase its contribution to the GDP to 35% by 2030. It also aims to enhance financial institutions' capabilities to handle larger volumes effectively through AI-powered technologies.

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