Riyadh, Saudi Arabia: Saudi fintech startup Abwab.ai has raised $4 million in a seed funding round co-led by Speedinvest and Middle East Venture Partners (MEVP) to accelerate the development and expansion of its AI-powered credit infrastructure for financial institutions.
The funding announcement was made at the LEAP conference in Riyadh, highlighting growing investor interest in technology that can improve access to finance for small and medium-sized enterprises (SMEs).
Founded in 2023 by Baraa Koshak and Mohammad Hashem, Abwab.ai is headquartered in Riyadh and provides technology that automates key stages of the SME lending process, including loan origination, credit assessment and underwriting.
Unlike lenders, Abwab.ai does not provide loans directly. Instead, its platform enables banks and financial institutions to evaluate SME borrowers by bringing together data from multiple sources, including bank statements, VAT records, financial statements and credit bureau information.
The platform is designed to help financial institutions make faster and more data-driven credit decisions while improving loan pricing and streamlining the overall lending process.
According to the company, 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 customers include Saudi SME Bank, Abdul Latif Jameel Finance and Hala Financing.
Abwab.ai said the new capital will be used to further develop its credit infrastructure platform, with a focus on capabilities spanning credit decisioning, digital loan origination, portfolio monitoring and embedded financing.
The funding comes as Saudi Arabia continues to expand its fintech and SME financing ecosystem, with financial institutions increasingly adopting AI and data-driven technologies to improve underwriting and broaden access to credit.
With its latest investment, Abwab.ai aims to strengthen its position as an AI-powered infrastructure provider for lenders and support the digital transformation of SME lending across Saudi Arabia and the wider region.
