UAE-based MALY concludes $1.6mln funding round to expand in MENA

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Dubai-based financial wellness platform MALY has secured more than $1.60 billion in its pre-seed funding round to expand into other GCC and MENA markets, according to a press release.

The investment will back MALY’s news growth phase involving the latest Artificial intelligence (AI) technologies, through which it aims to widen its automated savings app and its bank-linked card. The funding round was led by a group of leading GCC-based angel investors.

About 60% of the population in the UAE and Saudi Arabia do not have any type of pension or savings plan. Therefore, MALY seeks to bridge the gap by providing an accessible, user-friendly platform that offers smart saving tools, debt management, spending guidance, and investment plans.

Mo Ibrahim, Co-Founder and CEO of MALY, noted: "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.”

“Since inception, we’ve built in-house data engineering pipelines to embed machine learning (ML) into our platform,” Ibrahim noted.

The CEO added: “Aided by recent technological advances, we can now offer data-driven personalized recommendations to help our customers sustain a healthy relationship with their finances.”