Abwab in KSA raises $4 million for AI powered credit infrastructure

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 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 announcement was made at the LEAP conference in Riyadh.

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 but does not offer loans directly.

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.

Saudi Arabia has invested almost $1 billion in Saudi deep tech and IoT startups, with half of local startups in the AI field. For example THINK raised over $8 million.

Saudi Arabia secured nearly $15 billion in total technology investments and agreements during the LEAP 2026 conference in Riyadh, heavily anchored by massive artificial intelligence and digital infrastructure commitments.

Amazon Web Services (AWS) re-confirmed an ongoing investment of over $5.3 billion for its upcoming Saudi cloud region, alongside a partnership with state-backed HUMAIN to build out a 50MW capacity in the Kingdom’s first AI Zone by 2028