Fintech Aion Digital Raises 5M in Bridge Round Led by Fintactics Ventures

Bahrain-based fintech Aion Digital has raised $5 million in a bridge funding round led by VC fund Fintech Ventures. The fundraising was announced at the four-day LEAP 2023 technology convention in Riyadh.

The funds will be used to accelerate the technology transfer of digital banking infrastructure to Saudi Arabia.

Founded in 2017, Aion Digital offers over 500 banking APIs that enable simple and fast launch of digital solutions. An API-based digital banking platform enables customers to develop personalized digital products.

Aion’s three core products include Digital Onboarding, Retail Digital Banking and Corporate Digital Banking. Financial institutions like Jazeel Bahrain, Kuwait Finance House, SIMAH, Boubyan Bank use the company’s APIs.

Aeon is currently working on new strategic initiatives in the Gulf Cooperation Council (GCC) open banking and regulatory technology landscape. It has offices in Saudi Arabia, and is currently exploring opportunities to expand.

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Saudi Arabia-based Fintactics Ventures is a $40 million venture capital fund focused on financial technology with insurance technology and regtech. It was launched at LEAP 2023, and is supported by venture studio Revival Labs.

The technology event LEAP started on February 6, 2023 at Riyadh Front Expo Center, Saudi Arabia and ended on February 9, 2023.