Riyad Capital Unveils ‘1957 Ventures’ Fund to Propel Saudi FinTech Revolution
Riyad Capital has announced the launch of the “1957 Ventures” fund, a closed-end investment fund supported by Riyad Bank, aimed at driving transformative growth in Saudi Arabia’s FinTech sector. This initiative aligns with the objectives of Saudi Vision 2030 and the Financial Sector Development Program.
The introduction of this fund highlights Riyad Capital and Riyad Bank’s strategic commitment to accelerating the Kingdom’s digital transformation. By fostering opportunities for innovative FinTech business models, the fund supports the development of a robust financial sector, promoting innovation and competitiveness within Saudi Arabia.
Riyad Bank is a leading banking and financial institution in the Kingdom, with a strong focus on digital transformation programs. It is also a strategic partner of several global platforms for innovation, keeping pace with the ongoing digital evolution worldwide. Riyad Capital, a key subsidiary of Riyad Bank, is known for its innovation in asset management and alternative investments.
Nadir Al-Koraya, CEO of Riyad Bank, stated, “The launch of the 1957 Ventures fund demonstrates Riyad Bank’s unwavering commitment to driving FinTech innovation and digital transformation. This fund builds on 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, commented, “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.