Thu, Nov 21, 2024 | Jumada al-Awwal 19, 1446 | DXB ktweather icon0°C

Sarwa raises $15m to build ME’s consumer investing platform

Top Stories

Jad Sayegh, Nadine Mezher and Mark Chahwan. — Supplied photo

Jad Sayegh, Nadine Mezher and Mark Chahwan. — Supplied photo

Dubai - Mubadala Investment Company leads Sarwa’s Series B round, joined by other investors including 500 Startups, KIPCO, Shorooq Partners, MEVP, DIFC, Hambro Perks Oryx Fund, HALA Venture and Vision Ventures.

Published: Tue 10 Aug 2021, 4:16 AM

Sarwa, the fastest growing investment and personal finance platform in the Mena region with more than 40,000 registered users has closed a $15 million Series B financing round.

The round was led by Mubadala Investment Company with 500 Startups, Kuwait Projects Company, Shorooq Partners, Middle East Venture Partners, DIFC, Hambro Perks Oryx Fund, HALA Ventures and Vision Ventures also participating.

The company is a partner of the Hub71 community in Abu Dhabi as the platform continues to scale its services across the region. Representatives of Mubadala and 500 Startups are joining Sarwa’s Board of Directors.

Sarwa will use the new capital to further expand its market position and grow its team, as well as launch several new products, to build on its stated ambitions to address all aspects of personal finance.

“Everyone on the team is excited to begin this new chapter. Thousands of clients already use Sarwa to grow their money and build a better future, and this investment will fuel our growth so that we can reach millions more. We want to ensure that everyone has access to simple, smart, and affordable financial products and services. 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,” said Mark Chahwan, Co-Founder and CEO of Sarwa.

Through its mobile app, Sarwa aims to deliver more innovative personal finance products, such as Sarwa Trade and Sarwa Crypto. The highly anticipated Sarwa Trade, which is currently in the pre-launch stage, is a commission-free stock trading platform that allows investors to trade with as little as US$1 on major exchanges across the world.

Sarwa Crypto portfolios provide the same global diversification as the Sarwa Invest portfolio, with an added 5 per cent exposure to Grayscale Bitcoin Trust GBTC, the world’s first and largest publicly quoted Bitcoin investment vehicle. In June 2021, Sarwa Invest also lowered its minimum investment amount to just $5 from an initial $500 to reflect its commitment to democratise investing.

— sandhya@khaleejtimes.com



Next Story