UAE based investment and personal finance platform Sarwa has closed a $15m 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. Representatives of Mubadala and 500 Startups are joining the firm’s board of directors.
Sarwa will use the new capital to further expand its market position and grow the team, as well as launch new products. Sarwa has raised around $25m from regional and international investors, as well as government funds to date.
“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.
Sarwa aims to deliver more innovative personal finance products, such as Sarwa Trade and Sarwa Crypto through its mobile app. 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 $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 $5 from an initial $500, a statement said.
Ibrahim Ajami, head of ventures and growth at Mubadala Investment Company, 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. In just three years, the company has nearly doubled its client funds and expanded its product base to include a wider range of securities and asset classes, reflecting the potential for further exponential growth.
By investing on global markets through Sarwa, investors realised average year-on-year returns of more than 33 per cent for a balanced portfolio, which averaged out to 11 per cent over a five-year period, the statement added. Founded in 2017, Sarwa was the first fintech company to be licensed as a digital financial advisor for young professionals in the MENA region.
Source: https://gulfbusiness.com/uae-fintech-sarwa-closes-15m-series-b-financing-round/