- Saudi Arabia-based Revival Lab will establish “Fin-tactics Ventures", a venture builder specialised in fintech, insuretech and regtech, supported by a $40 million venture capital fund managed by Arbah Capital to invest in startups based in Saudi Arabia, the Middle East and the rest of the world.
- Fintactics Ventures has come together through several partnerships including Aion Digital, which specialises in providing technical solutions to the financial sector in the region, Bitfy Holdings to provide blockchain services and Holol, a services platform to facilitate and enhance housing finance options in Saudi Arabia.
Revival Lab announces the venture builder, "Fin-tactics Ventures", at the World Fintech Show conference as the first venture builder specialised in fintech, insurance and regulatory technologies in the region, and supported by 150 million riyals venture capital, approved by the Capital Market Authority (CMA) and managed by Arbah Capital to invest in promising opportunities in the 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, represented by its Chairman, Mr Abdullatif Al-Rajhi, a company that specialised in providing technical solutions to the financial sector in the region. In light of this partnership, the joint venture (Lizam) was announced to create an integrated digital experience that is compatible with customer requirements and achieve the necessary flexibility by providing the service (RegTech-as-a-Service) with all the capabilities required for digital onboarding, eKYC, and compliance. In addition to verification by regulators to combat risk and fraud. This partnership aims to shape the financial landscape of the future and to develop and promote the expansion of well-built digital products.
The event also included other important partnerships, including signing with Bitfy Holdings to provide blockchain services and accelerate the adoption of its specialised technologies in the financial and non-financial sectors in the Kingdom. It is worth noting that " Fin-tactics Ventures has been a shareholder in Bitfy Holdings, fintech experts through direct investment within the latest investment round. Fin-tactics has also signed with one of the major banks in Brazil, Banco de Brazil, to provide fintech solutions to provide blockchain technology as well.
During the conference, another agreement was also signed to launch Holol, a services platform to facilitate and enhance housing finance options in the Kingdom of Saudi Arabia.
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.”