Saudi Arabian fintech platform Abwab.ai has raised SAR 15 million, approximately $4 million, in a seed funding round led by European venture capital firm Speedinvest. Middle East Venture Partners, known as MEVP, also participated in the round announced during Money20/20 Middle East in Riyadh. The investment represents Speedinvest's first venture capital transaction in Saudi Arabia and will support the company's artificial intelligence driven credit technology for small and medium enterprise lending.
AI Driven Credit Infrastructure
Abwab.ai builds artificial intelligence powered credit infrastructure for banks and financing companies instead of providing loans directly to businesses. Its platform automates and manages the complete SME financing cycle, covering client onboarding, credit assessment, disbursement, servicing, billing, collection and recovery. Financial institutions can deploy the full platform or integrate selected components with their existing systems according to their operational needs.
Market Validation and Institutional Adoption
The company reports that more than SAR 10 billion in financing has been processed through its technology by over ten financial institutions in Saudi Arabia. Its institutional clients include Abdul Latif Jameel Finance, Kafalah, Hala, and Lendo. Abwab.ai was founded in Riyadh in 2023 by Baraa Koushk and Mohammed Hashem, who have experience in banking technology, financial services and consulting.
A Strategic Entry for Speedinvest
The seed round marks Speedinvest's first direct investment in the Saudi market, signalling growing international confidence in the Kingdom's fintech sector. Speedinvest manages assets exceeding EUR 1.2 billion and focuses on early-stage technology companies across several regions. Baraa Koushk, founder and chief executive officer of Abwab.ai, said Saudi Arabia has progressed substantially in expanding SME finance and the next priority is providing infrastructure for efficient growth.
Addressing the Cost of Manual Lending
Manual evaluation and servicing often make smaller company financing expensive for traditional institutions because each application requires significant time and operational effort. Abwab.ai addresses this challenge by enabling lenders to handle a larger number of SME clients while reducing dependence on labour intensive processes. Its tools help financial institutions accelerate the credit cycle and manage risk more consistently.
Saudi SME Market Opportunity
Saudi Arabia aims to increase the contribution of small and medium enterprises to gross domestic product to 35 percent by 2030. The current SME market includes more than 1.7 million establishments that employ around 8.8 million people and account for 22.9 percent of GDP. These conditions create a broad opportunity for platforms that help financial institutions scale lending through digital and AI based tools.
Funding to Support Product Expansion
With the new capital, Abwab.ai plans to expand its artificial intelligence solutions and strengthen its capacity to serve financial institutions across Saudi Arabia. The company will continue developing the infrastructure built in Riyadh to help lenders evaluate, service and manage more SMEs. Increased adoption of digital finance is expected to support demand for automated credit decisioning and loan management technology.
The seed round highlights the increasing relevance of AI-powered credit infrastructure in Saudi Arabia's evolving financial technology landscape. Abwab.ai is aligning its product focus with a national priority to expand the economic role of small and medium enterprises. With new funding and international investor support, the company is positioned to help financial institutions deliver faster, more efficient and data-driven SME lending at scale.