What's Happening?
Vennre, a wealth creation platform, has appointed Dr. Ibrahim Almojel as Chairman of its Board of Managers in Saudi Arabia. This strategic move is part of Vennre's efforts to enhance its presence in the
region and strengthen Saudi Arabia's position as a hub for fintech and private markets. Vennre aims to democratize access to private market opportunities for high earners not yet wealthy (HENRYs), which were previously exclusive to institutional investors. Over the past 18 months, the platform has shown significant growth, facilitating over SAR100 million (US$26 million) in transaction volume across real estate and private equity deals, and onboarding over 1,500 users across EMEA, primarily in Saudi Arabia. The launch of its mobile app in September 2024 has led to a fourfold increase in transaction values, with monthly growth exceeding 20%. Dr. Almojel, co-founder of Khwarizmi Holding, brings extensive experience in startup investments, private equity, and real estate development to his new role.
Why It's Important?
The appointment of Dr. Ibrahim Almojel as Chairman is crucial for Vennre's expansion strategy in Saudi Arabia, a region with growing interest in fintech and private market investments. By democratizing access to private market opportunities, Vennre is tapping into a lucrative segment of high earners who are not yet wealthy, potentially transforming the investment landscape in the region. This move could attract more investors and boost economic growth, aligning with Saudi Arabia's Vision 2030 goals to diversify its economy and reduce dependence on oil revenues. The platform's rapid growth and successful mobile app launch indicate strong demand for such services, which could lead to increased competition and innovation in the fintech sector.
What's Next?
Vennre's expansion in Saudi Arabia is likely to continue, with potential plans to further increase its user base and transaction volumes. The company may explore partnerships with local financial institutions to enhance its offerings and reach more investors. As the fintech sector grows, regulatory bodies in Saudi Arabia might introduce new policies to ensure fair practices and protect investors. Dr. Almojel's leadership could drive strategic initiatives to capitalize on emerging market trends and technological advancements, positioning Vennre as a key player in the region's fintech ecosystem.
