FundedByMe gets the nod for UAE crowdfunding debut
Equity crowdfunding platform FundedByMe is looking forward to next year as it has got approval to start operating in Dubai.
According to the firm, it will become the United Arab Emirates’ “first” Dubai Financial Services Authority (DFSA) regulated and Dubai International Finance Centre (DIFC) incorporated equity crowdfunding platform.
Always worth checking the small print as it adds that an in-principle licence has been granted conditional to completing the setup of the local entity. Operations will commence early in 2019.
FundedByMe’s MENA offering will support early stage and growth companies in the technology and finance sectors. It cites stats from the World Bank that crowdfunding is on an “exponential growth trend globally”, from $1.5 billion in 2011 to around $100 billion by 2025.
The firm, founded in Sweden in 2011, has offices in Finland, Poland, the Netherlands, Singapore and Malaysia.
According to the company, it has a network of over 250,000 global registered investor members, and it has helped over 500 businesses to raise more than $56 million through crowdfunding.