baraka, a Middle East-located platform for commission-free investing, has closed a $20m Series A round led by Valar Ventures.
Also taking part in the round were Knollwood. Other investors in baraka include Class 5 Global, Global Founders Capital and VentureSouq.
Launched in 2021, baraka claims it is empowering investors across the region with access to commission-free investing and access to over 6,000 US stocks and ETFs.
Starting from $1, investors on baraka can build diversified portfolios and long-term wealth by benefiting from global equity markets to achieve financial independence. baraka said it is working with local stock exchanges and regulators to enable access to local market trading on its app.
Users of the company’s app are provided with daily financial news in English and Arabic, to help them make informed and independent investment decisions. baraka’s focus on driving financial inclusion is underpinned by a commitment to raise financial literacy standards across the region.
With this new investment, baraka will double down on its presence across the GCC and Egypt, and drive customer acquisition. The company will continue to evolve its app with new services anticipated to launch over the next 12 months including access to features like dividend reinvestment plans, extended hours trading and much more.
As part of its growth plans, baraka intends to create further access to regional economies where it aims to secure licensing at some point in the future. The company has committed the majority of this fund raise to new markets and create more access to local stock exchanges for regional investors.
baraka CEO and founder Feras Jalbout said, “ In just one year since our launch, tens of thousands of users have signed up to baraka. By empowering the next generation of investors in our region with low-cost and comprehensive investment choices, we remain committed to enabling financial inclusion for millions of investors across Mena.
“We are excited to have Valar Ventures and Knollwood join us in transforming how users here save, invest and grow their money for the future.”
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