Abwab.ai raises $4M for AI credit engine behind Saudi SME lenders
What's the deal? Saudi fintech Abwab.aiDealroom has a profile for this one. Try Dealroom → has raised $4 million in seed funding co-led by Speedinvest and Middle East Venture Partners (MEVP)Dealroom has a profile for this one. Try Dealroom →. The Riyadh-based startup builds AI-powered credit infrastructure for banks and lenders, automating much of the work involved in originating and underwriting loans to small and medium-sized businesses.
What's the endgame? Unlike fintechs that lend from their own balance sheet, Abwab sits underneath lenders. It pulls together bank statements, VAT records, credit bureau data and other signals to help credit teams decide whether to lend, how much to offer, and at what price.
By the numbers: Abwab says its technology is used by more than 13 financial institutions and has processed over SAR 1 billion in SME loans. Its website lists Saudi SME Bank, Abdul Latif Jameel FinanceDealroom has a profile for this one. Try Dealroom →, Lendo, Hala FinancingDealroom has a profile for this one. Try Dealroom →, Kafalah, and RaqamyahDealroom has a profile for this one. Try Dealroom → among the institutions working with it.
The company was founded in 2023 by Baraa Koshak and Mohammad Hashem. Koshak previously built credit and data products at RevolutDealroom has a profile for this one. Try Dealroom →, Hala, and MoznDealroom has a profile for this one. Try Dealroom →; Hashem spent over a decade in banking, including at Oliver WymanDealroom has a profile for this one. Try Dealroom →.
Why now? Saudi SME lending reached SAR 489.2 billion in the first quarter of 2026, up 28% year on year, according to Saudi Central Bank data. As loan books grow, underwriting becomes a bottleneck: smaller SME loans often require the same manual checks as much larger corporate facilities, making them expensive to assess.
Abwab's platform spans credit decisioning, digital loan origination, and portfolio monitoring. It also offers embedded financing that lets lenders distribute pre-qualified credit through payroll, e-commerce, and point-of-sale channels.
The round appears to pre-date its public unveiling at the LEAP conference in Riyadh. Speedinvest lists Abwab as a 2025 portfolio company, and general partner Stefan Klestil sits on its board after the firm led the seed round.
The signal: At $4 million, the round sits in the top 10% of all Saudi seed deals on record — a sign of how much investor appetite is building around infrastructure that powers lending rather than the lending itself. Speedinvest recently launched its first dedicated Middle East and Africa fund, backed by Mubadala, the Qatar Investment Authority, and the European Investment Bank, while MEVP is investing from its fourth regional fund targeting fintech and AI across MENATP.
Read more: fwdstart.me
Image credit: Abwab.ai
