- Sign deal to support ethical tech companies in the Kingdom.
- The two companies will coordinate and collaborate on finding, backing and mentoring founders.
Early-stage fintech startups in Saudi Arabia are going to get a boost with the deal signing between Wa’ed Ventures, the venture capital arm of Saudi Aramco Entrepreneurship Centre, and UK-based Maydan Capital.
The Memorandum of Understanding (MoU) was signed at Global Entrepreneurship Congress in Saudi Arabia, where investors, policymakers and community leaders from around the world came together to find ways to rebuild the global economy, which had been negatively impacted by the pandemic.
“With a shift toward the globalisation of fintech, this strategic partnership will allow early-stage Saudi fintech startups to leverage the global experience of the Maydan team in ethical investment,” Muhammad Zeeshan Hassan, Chief Investment Officer of Wa’ed Ventures, said.
Supporting economic diversification
Through this partnership with Wa’ed Ventures, Maydan will be offering its members the opportunity to co-invest alongside Wa’ed Ventures into innovative Saudi-based startups.
The two companies will coordinate and collaborate on finding, backing and mentoring founders as they launch and grow their ethically-focused startups.
The goal will be to boost the growing startup ecosystem in Saudi Arabia and create a world-class hub that is focused on championing companies that develop ethical and inclusive financial services.
The partnership will also play an important role in supporting economic diversification in the country, in alignment with the Kingdom’s strategic goal of creating a knowledge-based economy.
“More than ever we need to prioritise a more sustainable sector and the only way to achieve this is by collaborating with organisations that share our vision for the future. We look forward to finding the best talent and shaping a better financial services sector that reflects the morals and values of consumers,” Safdar Alam, CEO of Maydan, said.