Bahrain-based fintech Aion Digital has raised $5 million in a bridge round led by Fintactics Ventures, a $40 million fintech-focused fund.

Founded in 2017, Aion provides an API-based digital banking platform, enabling its clients to create personalised digital products to increase customer engagement. The platform offers three primary products including digital onboarding, retail digital bank and corporate digital bank.

The company has recently opened offices in Saudi Arabia, and plans to expand its presence on the back of the recently raised funds.

Fintactics Ventures was launched during the Leap 2023 conference currently taking place in Riyadh and is backed by venture studio Revival Labs.

Press release

Aion Digital has raised USD 5 million in a bridge funding round led by Fintactics Ventures, a fintech-focused Venture Builder backed by a $40 million venture capital fund.

The announcement took place at LEAP 2023, a four-day technology convention held in Riyadh. The growth capital is to accelerate the technology transfer of digital banking infrastructure to Saudi Arabia.

The Kingdom has a strong ecosystem of more than 300 fintech in addition to existing banks, new digital banks, and other corporate brands entering the financial services space. Aion API technology makes it exceptionally simple and quicker for them to launch their digital businesses.

In collaboration with Fintactics, Aion technology will decisively strengthen Kingdom’s competitive position in the global digital economy.

Aion is the leading digital banking platform in GCC. It offers 500 banking APIs that make it simple and quick to launch digital solutions. Aion platform is used by leading banks and fintech to accelerate their time-to-revenue while minimising the cost to launch.

Leading financial institutions such as Kuwait Finance House, Boubyan Bank, Jazeel Bahrain, and SIMAH leverage Aion APIs to offer digital solutions to their clients.

Aion is also building strategic new ventures in the open banking and regulatory tech space in the GCC. The company recently announced opening its headquarters in Riyadh, Saudi Arabia.

Fintactics is a Saudi-based venture builder and venture capital specialising in fintech, insuretech and regtech nurturing rapid growth in start-ups locally and regionally.

Launched by Revival Lab, Fintactics is backed by a fintech-dedicated $40 million venture capital fund.

source: Wamda