Wealthtech Sarwa raises $1.3m in funding
UAE-based wealthtech Sarwa has raised $1.3 million in its pre-Series A round of financing, bringing its total funding to over $1.5 million since the firm’s launch in December 2017.
Sarwa’s artificial intelligence (AI) tech provides investment advice, and was developed within the Dubai International Finance Centre (DIFC) Fintech Hive, an accelerator of 11 fintech companies.
“This round will allow us to continue leading the investment advisory space and reach even more people,” comments Mark Chahwan, CEO and co-founder of Sarwa.
With this investment, Sarwa aims to expand in the Gulf region, where it operates from Dubai, as well as look into the corporate sector, where it seeks to offer employees saving scheme plans and help them reach their long-term financial goals.
Among the list investors, there is Shorooq Investments from Abu Dhabi, Middle East Venture Partners (MEVP), California-based 500 Start-ups, the Women’s Angel Investor Network, Hala Ventures, and Saned Partners, from Lebanon.
The company officially launched its platform in February 2018 through its Innovation Testing Licence, which allows fintechs to roll out solutions for the region.
The firm’s founders are Mark Chahwan, Jad Sayegh, and Nadine Mezher. It says it has already reached more than 1,000 registered users.
Sarwa combines automated advice with human support.