Saudi fintech startup Abwab.ai has raised $4 million in a seed funding round to expand its AI-powered credit infrastructure for financial institutions. The funding was co-led by Speedinvest and Middle East Venture Partners, known as MEVP. The announcement was made at the LEAP technology conference in Riyadh, highlighting growing investor interest in technology that improves SME access to finance.
Funding Details and Investor Backing
The seed round amounts to $4 million and was unveiled during LEAP, a prominent technology event in Saudi Arabia. Speedinvest and Middle East Venture Partners jointly led the financing, reflecting strong regional and international interest in fintech infrastructure. The capital injection positions Abwab.ai to accelerate the development and expansion of its lending technology for banks and other financial institutions.
Platform Capabilities
Founded in Riyadh in 2023 by Baraa Koshak and Mohammad Hashem, Abwab.ai automates key stages of the SME lending process, including loan origination, credit assessment, and underwriting. The company does not lend directly but instead acts as an infrastructure provider for banks and financial institutions. Its technology helps lenders make faster and more data-driven credit decisions while improving loan pricing and streamlining the overall process.
Data-Driven Credit Decisions
The platform brings together information from multiple sources, including bank statements, VAT records, financial statements, and credit bureau data. This data aggregation approach enables financial institutions to evaluate SME borrowers more efficiently and with significantly greater accuracy. By automating key underwriting steps, Abwab.ai supports better loan pricing, reduces manual effort, and enables more consistent credit decisions.
Market Traction and Notable Clients
Abwab.ai reports that its technology is currently used by more than 13 financial institutions and has supported the processing of over SAR 1 billion in SME loans. Its customer base includes Saudi SME Bank, Abdul Latif Jameel Finance, and Hala Financing, among others. These partnerships demonstrate the platform's growing role in helping established lenders digitize and enhance their SME credit operations.
Use of Funds
The new capital will be used to further develop Abwab.ai's credit infrastructure platform across several key areas. The company will focus on capabilities spanning credit decisioning, digital loan origination, portfolio monitoring, and embedded financing. This product expansion is intended to strengthen the platform's value for lenders and support its regional growth ambitions.
Saudi Fintech Momentum
The funding arrives as Saudi Arabia continues to expand its fintech ecosystem and push for broader SME access to finance. Financial institutions in the region are increasingly adopting artificial intelligence and data-driven technologies to improve underwriting and reduce operational friction. Abwab.ai aims to strengthen its position as an AI-powered infrastructure provider and support the digital transformation of SME lending across Saudi Arabia and the wider region.
With fresh backing from two established venture investors, Abwab.ai is well positioned to scale its credit infrastructure and deepen its impact on SME lending. The company's growing client base and SAR 1 billion in processed loans indicate tangible demand for automated underwriting tools. As Saudi Arabia's fintech sector matures, Abwab.ai's technology could play a meaningful part in shaping more efficient and inclusive credit markets.