It will be using the fresh capital to further stoke its growth, expand its market position, grow its team, and launch numerous new products.
UAE-based investment and personal finance platform, Sarwa, has raised $15 million in a Series B round led by Mubadala Investment Company with participation from 500 Startups, Kuwait Projects Company, Shorooq Partners, Middle East Venture Partners (MEVP), DIFC, Hambro Perks Oryx Fund, HALA Ventures and Vision Ventures.
Representatives of Mubadala and 500 Startups will join Sarwa’s Board of Directors as part of their deal.
Founded in 2017 and launched in 2018, Sarwa had already raised approximately $25 million in investments. It was the first fintech company to be licensed as a digital financial advisor for young professionals in the MENA region, securing the Innovation Testing License issued by the Dubai Financial Services Authority. Its flagship project Sarwa Invests was designed to offer automated investing in globally diversified portfolios.
Sarwa is a trailblazer in affordable digital investing in the region, and will be using the fresh capital to further stoke its growth, expand its market position, grow its team, and launch numerous new products.
“Everyone on the team is excited to begin this new chapter,” said Mark Chahwan, Co-Founder and CEO of Sarwa. “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.”
He continued by saying “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.”
Sarwa aims to deliver more advanced personal finance products including Sarwa Trade and Sarwa Crypto through its mobile app.