The venture builder, “Fin-tactics Ventures,” is announced by Revival Lab at the World Fintech Show conference as the first venture builder with an emphasis on fintech, insurance, and regulatory technologies in the region. It is backed by $39.8 million in venture capital (150 million SAR), approved by the Capital Market Authority (CMA), and managed by Arbah Capital. All of this plans to invest in promising opportunities in the Fintech sector in the Kingdom, the Middle East, and the rest of the world.
The announcement included the signing of a partnership agreement between Fin-tactics Ventures and Aion Digital, a firm that specialised in providing technical solutions to the financial industry in the region, as represented by its Chairman, Mr. Abdullatif Al-Rajhi. With the help of this partnering, the joint venture (Lizam) was presented in order to build an integrated digital experience that complies with customer needs and achieves the required flexibility by giving the service (RegTech-as-a-Service) all the capabilities necessary for digital onboarding, eKYC, and compliance. To combat risk and fraud, in addition to regulatory verification. This collaboration intends to build and foster the growth of solid digital products while impacting the financial environment of the future.
The event also featured the signing of other significant partnerships, including an agreement with Bitfy Holdings to provide blockchain services and accelerate the adoption of its specialised technology in the Kingdom’s financial and non-financial sectors. During the most recent investment round, Fin-tactics Ventures made a direct investment that resulted in it becoming a shareholder in Bitfy Holdings, a fintech company. In order to offer fintech solutions that include blockchain technology, Fin-tactics has also inked a contract with Banco de Brazil, one of the largest banks in Brazil.
Another agreement to launch Holol, a services platform to facilitate and improve housing finance choices in the Kingdom of Saudi Arabia, was also signed during the conference.
Mahmoud Al-Kohji, CEO of Arbah Capital, mentioned: “We are now witnessing a notable flow of opportunities with unique quality, and through this cooperation, we are committed to creating a suitable business environment to enhance excellence and growth in the financial sector.”
According to Mohammed Al-Maghlouth, CEO of Revival Lab: “We have worked to provide innovative initiatives for the financial sector in the Kingdom of Saudi Arabia, and we aim to enable the fund to support other regions globally.”
Haitham Al-Sahafi, CEO of Fintactics Ventures, said: “As a venture builder specialised in fintech, we seek to make Fintactics Ventures the initiator and supporter of rapid growth in the sector on solid foundations creating an attractive environment for competition and entrepreneurship by providing resources and capabilities through cooperation to accelerate the development process in startups, and be among the recent organisations to strengthen the national ecosystem in the field.”
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on August 30, 2023 by Safiya K
