MALY, the Dubai-based financial wellness platform, has recently wrapped up its pre-seed funding round, amassing an impressive investment of over $1.6m to boost its automated savings app and associated bank-linked card.
The funds were secured from a consortium of renowned GCC-based angel investors, reflecting their belief in the start-up’s vision to reshape financial wellness in the UAE and broaden its reach to other regional markets.
There’s an evident surge in demand for financial tools that promote healthier saving and investment habits in the MENA region. This is particularly true given that roughly 60% of residents in MALY’s primary target markets, namely the UAE and KSA, lack a pension or savings plan.
Enter MALY – with its mission to bridge this substantial void. Offering an intuitive platform, MALY presents users with intelligent saving tools, debt management strategies, spending advice, and comprehensive investment plans, all designed to guide users towards achieving their financial aspirations and securing long-term stability.
The newly acquired pre-seed investment is earmarked for kickstarting MALY’s next growth trajectory, with a keen focus on harnessing cutting-edge AI technologies. This integration aims to provide data-driven bespoke recommendations, bolstering users’ financial wellness.
The platform has already garnered commendations from its beta-stage users. They are notably appreciative of its user-friendly interface, automated savings app, and the VISA card’s ability to integrate with all prominent UAE banks. This holistic integration permits users to save with ease by automatically adjusting minimal amounts from their everyday purchases through a micro-saving feature.
MALY Co-founder and CEO Mo Ibrahim said, “Our mission is simple yet profound: to make improving financial wellness accessible for individuals across the MENA region. The remarkable pre-seed funding we’ve received will enable MALY to kickstart its growth journey. It will enable us to scale efficiently by creating partnerships to reach new customers and drive platform development with enriched product features.”
Ibrahim further added, “At MALY, we see a unique opportunity to help people across MENA improve their financial wellness, and harnessing the power of AI will be a huge factor in this.
“Since inception, we’ve built in-house data engineering pipelines to embed machine learning into our platform. Aided by recent technological advances, we can now offer data-driven personalized recommendations to help our customers sustain a healthy relationship with their finances.”
While the recent pre-seed investment marks a significant milestone in MALY’s journey, the start-up, founded by an ensemble of seasoned entrepreneurs and a dynamic core team, has previously formed key alliances with prominent brands such as VISA, NymCard, and DAPI. These collaborations reflect MALY’s ambition to establish itself as a formidable force in the MENA financial wellness landscape.
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