UAE-based investment advisory platform Sarwa has raked in $15m in a Series B financing round, bringing its total funds raised to date to over $25m.
The round was led by Mubadala Investment Company with participation from 500 Startups, Kuwait Projects Company, Shorooq Partners, Middle East Venture Partners, DIFC, Hambro Perks Oryx Fund, Hala Ventures, and Vision Ventures.
Sarwa was founded by Mark Chahwan, Jad Sayegh, and Nadine Mezher in 2018 to offer investment services across the MENA region.
The firm, which claims to have over 40,000 registered users currently, plans to use the new capital to expand its reach to more people.
The fresh capital will be used to expand team size and roll out several new products that will address all aspects of personal finance.
Sarwa co-founder and CEO Mark Chahwan said: “Sarwa is built on the combination of innovative tech and a customer-centric brand.
“Having the support of some of the world’s leading investors proves that Sarwa is well-positioned to lead this transformation in the region. We will continue helping our clients build for a better financial future.”
Sarwa, which already offers Sarwa Crypto through its mobile app, is preparing to launch Sarwa Trade.
According to the firm, this new offering is a commission-free ‘stock trading platform that will allow individual investors to trade in themes they believe in with as little as $1’.
Mubadala Investment Company head of Ventures and Growth Ibrahim Ajami said: “Sarwa is revolutionising the financial services landscape in the Middle East by offering a range of investment solutions to a large market that has had little access to such services in the past.
“When Mubadala looks at early-stage investment opportunities, the quality of the founders is of paramount importance, and we strongly believe that Sarwa’s management team has the vision and passion to lead the company into its next phase of growth.”
In November last year, AI-based robo asset manager FinaMaze launched in UAE to offer a range of personalised investments for the Middle East and North Africa (MENA) regions.
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