AngelAi, an AI-powered home financing platform developed by US fintech company Celligence, has signed a memorandum of understanding (MoU) with REDSALT to expand into Saudi Arabia.
Under the agreement, REDSALT will advise AngelAi on selecting Saudi banks and real estate finance companies as potential deployment partners. The partnership will also help identify local partners and address market requirements as the company prepares for wider Middle East expansion.
AngelAi uses artificial intelligence to support home-buyers and financial institutions throughout the financing process. The platform has more than 400,000 users and has processed over 200,000 transactions worth more than $40 billion in US home financing, according to the company.
The expansion aligns with Saudi Arabia’s Vision 2030 home-ownership target of 70%. AngelAi aims to help lenders improve processing efficiency, reduce costs and automate financing decisions while maintaining audit-able records.
Celligence CEO Pavan Agarwal said the platform could support Saudi Arabia’s AI ambitions, while REDSALT Chairman Lucien Ziegler highlighted the opportunity to bring established US technology into the Kingdom.
The next step involves selecting a Saudi banking partner and identifying regional deployment opportunities.