Cedar-IBSi Capital, a fintech-focused venture fund, has announced that Hades Financial Private Capital Group is now a significant partner. This USD 4.6 billion Riyadh-based Asset Manager joins Cedar-IBSi’s debut USD $30 million fund to increase its fintech exposure.

HFPCG’s mission is to create value in high-growth sectors such as banktech and fintech.

“We are delighted to partner with Cedar IBSi Capital, and support their mission to foster innovation in the BankTech & FinTech sectors. This investment is in line with our strategy of backing promising early-stage businesses that are poised disrupt traditional financial services, and bring transformative products to the market,” Mohammed Abrar Asif said.

Cedar-IBSi Capital has announced its first close for Q1 2024. It is currently backed up by two Tier-1 Institutional Investors, family offices and others.

The fund is close to completing its first deal, and is currently building the second. Cedar-IBSi Capital, with an initial cheque of INR 4-10 Crores (USD 500k-1 Million), will invest in 15 early-stage BankTech startups in their Seed Series A rounds. The fund will be focusing on seasoned entrepreneurs building solutions and technologies in the area of BankTech, enterprise fintechs which are solving problems and use cases within banks, insurance companies and NBFCs.

“Our focus on BankTech, and FinTech, comes naturally to us.” We have been at the heart of the ecosystem since 60+ years through our management consulting services for global CTOs, banks, and FinTechs via Cedar, market research and go-tomarket advisory for world-leading BankTechs and FinTechs by IBS Intelligence and ecosystem development through the Cedar-IBSi FinTech Lab,” Sahil Aand, Founder, and Managing Director of Cedar-IBSi Capital said in a prior media interaction during the First Close.