Over SAR 800 Million to Build and Launch FinTech Companies & Innovative models through 1957 Ventures
Riyadh, Saudi Arabia – Following its recent launch, 1957 Ventures is participating at the tech-focused FinTech 24 international conference, held for the first time in Saudi Arabia at the Riyadh Front Exhibition & Conference Center from September 3-5.
1957 Ventures is a Platinum Sponsor of the conference, underscoring its commitment to driving FinTech innovation in the Kingdom. CEO Emad Kashgari delivered a keynote highlighting that 1957 Ventures is backed by the largest fund of its kind in the region – a closed-end investment fund focused on venture capital exceeding SAR 800 million (over USD 213 million).
Kashgari addressed the future of FinTech in the Middle East and North Africa (MENA), emphasizing Saudi Arabia’s leadership in the sector. He noted that the Kingdom captured 58% of all venture capital invested in the MENA FinTech sector in 2023, with market value projections reaching USD 2.40 billion by 2029.
He also noted that 1957 Ventures was founded to support this remarkable growth and contribute to achieving the goals of the Financial Sector Development Program outlined in Vision 2030. He added that over the past three years, FinTech investments in the Kingdom have witnessed exponential growth. In 2023 alone, investments exceeded USD 790 million, marking a sevenfold increase compared to USD 91 million in 2021 and USD 239 million in 2022.
At the conference, 1957 Ventures showcased a number of innovative solutions in the field of FinTech. This presence allows the firm to share its expertise and attract potential investors.
Further demonstrating its commitment to guiding and leading innovation in FinTech, 1957 Ventures is conducting six workshops throughout the conference covering topics such as: Exploring the World of FinTech in Saudi Arabia, Governance and Compliance in FinTech, Marketing Strategies for FinTech, Building a Successful, FinTech Company, Investing in FinTech, and Sustainable Growth in FinTech.
1957 Ventures will dedicate and double its efforts to building innovative financial technology companies and models. The firm will play a vital role in shaping the future of the banking and financial sector in the Kingdom by providing specialized support to ventures, including: Funding and investment, guidance and mentorship, growth and sustainability expertise, technical and commercial expertise, access to target audiences.
Notably, FinTech 24 aims to advance the financial sector globally. Hosting this conference in Riyadh solidifies the Kingdom’s position as a leader in this field, driven by the increasing reliance on financial technologies. This event contributes to Saudi Arabia’s national plans and builds a thriving FinTech ecosystem to enhance economic growth and diversification.
