UAE Fintech Sav Raises $3.5 Million to Expand Across GCC

UAE-based consumer fintech Sav has raised $3.5 million in a pre-Series A round led by Abu Dhabi-based Phoenix Venture Partners, with the funding set to support expansion into Saudi Arabia and wider growth across the GCC.

Founded in 2022 by Purvi Munot and Mithil Ajmera, Sav brings together users’ accounts, savings, investments, credit, payments and other financial products in a single AI-driven platform. Its proprietary infrastructure, SavCore, powers automation across areas including savings, investments, gold, payments and commerce.

The company operates under a DFSA Category 4 licence in the UAE and has identified Saudi Arabia as a key growth market. The latest funding will support market entry there while also accelerating product development, AI capabilities and user acquisition across the region.

Sav has previously raised around $2.5 million, bringing total funding to approximately $6 million. The company says its revenue comes from a mix of interchange income, wealth management fees, commerce commissions and subscriptions.

Munot said the company is targeting consumers whose financial lives are increasingly spread across multiple products and markets, with Sav aiming to provide a more unified view of savings, spending and wealth management.