Automated investment advisory solution Sarwa has collected $1.3m in its pre-Series A funding round.
The investment was supplied by Shorooq Investments, Middle East Venture Partners, 500 Startups, Women’s Angel Investor Network, Hala Ventures and Saned Partners. This capital injection beings the company’s total funding efforts to more than $1.5m since it was founded in December last year.
Dubai-based Sarwa, which launched its services in February, is the first regulated automated investment advisory platform in the region, according to the company. The company onboarded its first client through the Innovation Testing License, which is a special license aimed at helping FinTechs launch solutions in the area.
The company has had a 20 per cent monthly growth rate and is currently used by more than 1,000 customers.
The platform uses automatic rebalancing, algorithms, and human advice to provide consumers with an easy entrance to investing. The platform offers investment advice based on the investor’s personal profile and will provide the consumer with a low-cost portfolio. A minimum starting investment on the platform is $2,500.
Through this new line of capital, the company will look to continue its expansion efforts in the region. As part of these expansion strategies, Sarwa is looking to work with the corporate sector to offer employees saving scheme plans and help them reach their financial goals.
Hala Ventures managing partner Ali Abussaud “We have always identified a gap within the wealth management sector considering the high minimums required investment and high management fees set by many Investment Advisories which limited the accessibility to certain investors.
“However, Sarwa redefined that model and made it possible for investors to customize and access their portfolio anytime, anywhere and for a reasonable fee.”
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