Wa’ed Ventures to launch ethically-focused fintech startups with Maydan

By Arya M Nair, Official Reporter
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Saudi Arabia
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Wa’ed Ventures, the venture capital arm of Saudi Aramco Entrepreneurship Center, has signed a Memorandum of Understanding (MoU) with Maydan Capital (Maydan), a UK-based equity investment platform, to provide ethically focused fintech startups with visibility and access to investment in Saudi Arabia.

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. Both companies will coordinate and collaborate on finding, backing and mentoring founders as they launch and grow their ethically-focused startups.

Safdar Alam
Safdar Alam
CEO – Maydan

“This is an exciting partnership that is a win-win for both parties, as well as consumers that will ultimately benefit from the next generation of ethically-focused fintech firms that we back. More than ever we need to prioritize a more sustainable sector and the only way to achieve this is by collaborating with organizations that share our vision for the future. We look forward to working closely with Wa’ed Ventures to find the best talent and shape a better financial services sector that reflects the morals and values of consumers.”

The MoU will 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.

Mr. Muhammad Zeeshan Hassan, Chief Investment Officer of Wa’ed Ventures said that “With a shift toward the globalization of fintech, this strategic partnership will allow early-stage Saudi fintech startups to leverage the global experience of the Maydan team in ethical investment.”

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