Including this round, the robo-advisory has raised more than $10 million since establishment in December 2017.
UAE-based fin-tech startup Sarwa just raised more than $8.4 million in a Series A funding round led by Kuwait Projects Company Holding (KIPCO), and joined by investors such as the Dubai International Financial Center (DIFC), Abu Dhabi Investment Office (ADIO), 500 Startups, Saudi Arabia-based Vision Ventures, UK-based Hambro Perks, as well as existing investors such as Shorooq Partners, Hala Venture Capital, Phoenician Funds, and Mindshift Capital.
With this new financial capacity, Sarwa plans to strengthen its position in the UAE and at the same time move forward with its expansion plan. “The coming together of a large institution that understands how to build leading asset managers, with the first licensed fin-tech out here sets a great example for the region," says Mark Chahwan, CEO at Sarwa. "This is a vote of confidence from a Financial Institution that decided to collaborate with a team they trust to deliver superior client experiences and investment returns in wealth management. All our partners believe in what we are trying to achieve: making investing as smart and simple as can be and allowing anyone to grow their wealth and build for a better future.”
According to Magnitt, Sarwa has raised more than $10 million since establishment in December 2017. Moreover, the startup has month-over-month growth of over 20%, with 10,000 users registered currently.
“As the future of digital wealth grows exponentially, we are delighted to be part of Sarwa, one of the first robo-advisories that has consistently shown potential in delivering results," says Sharif El-Badawi, Managing Partner at 500 Startups MENA. "We have been impressed by Sarwa’s achievements since the seed round and we are pleased to support their business growth in 2020 and beyond. Our investment perfectly fits our growth strategy of investing in companies at the forefront of technology and we look forward to working closely with a strong team to help accelerate growth to build a category leader.”
Sign up for the daily Startup Digest.