Dubai-based Sarwa, a personal finance and investment platform, raised $15 million in a Series B financing round led by Abu Dhabi’s sovereign investor, Mubadala Investment Co.
Other investors included 500 Startups, Kuwait Projects Company, Shorooq Partners, Middle East Venture Partners, DIFC, Hambro Perks Oryx Fund, HALA Ventures and Vision Ventures, the company said in a statement.
Sarwa is a partner of the Hub71 community in Abu Dhabi as the platform continues to scale its services across the region. Representatives of Mubadala and 500 Startups will join Sarwa’s board of directors.
Sarwa, which is regulated by the ADGM Financial Services Regulatory Authority and the Dubai Financial Services Authority, will use the new capital to further expand its market position and grow its team, as well as launch several new digital products.
Sarwa Founders Jad Sayegh, Nadine Mezher and Mark Chahwan.
Through its mobile app, Sarwa aims to deliver personal finance products, such as Sarwa Trade and Sarwa Crypto.
Ibrahim Ajami, Head of Ventures and Growth at Mubadala said: “When Mubadala looks at early-stage investment opportunities, the quality of the founders is of paramount importance, and we strongly believe that Sarwa’s management team has the vision and passion to lead the company into its next phase of growth.”
In just three years, the company has nearly doubled its client funds and expanded its product base to include a wider range of securities and asset classes, he said.
The sovereign investor, which manages a global portfolio of $232 billion aimed at generating sustainable financial returns for the Government of Abu Dhabi
(Writing by Brinda Darasha; editing by Daniel Luiz)
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© ZAWYA 2021