The region’s fastest growing investment and personal finance platform, Sarwa, announced today that it has secured $15 million from a Series B round of fund-raising.
The round was led by Mubadala Investment Company with participation from global venture capital leaders, including 500 Startups, Shorooq Partners, Middle East Venture Partners (MEVP), DIFC, and other investors.
Representatives of Mubadala and 500 Startups will be joining Sarwa’s board of directors, according to an official statement by the company.
Sarwa plans to use the new capital to further expand its market position and grow its team, as well as launch several new products.
“Sarwa is built on the combination of innovative tech and a customer-centric brand. Having the support of some of the world’s leading investors proves that Sarwa is well-positioned to lead this transformation in the region,” said Mark Chahwan, co-founder and CEO of Sarwa.
Since its launch in 2017, Sarwa’s digital advisory platform has revolutionized how the region’s young professionals grow their wealth.
Building on that success, the platform has plans to deliver more innovative personal finance products, such as Sarwa Trade and Sarwa Crypto, through its mobile app.
Sarwa Trade, which is currently in the pre-launch stage, is a commission-free stock trading platform that allows investors to trade with as little as $1 on major exchanges across the world.
Mark Chahwan, co-founder and CEO of Sarwa.
Sarwa Crypto portfolios provide the same global diversification as the Sarwa Invest portfolio, with an added 5 percent exposure to Grayscale Bitcoin Trust GBTC, the world’s first and largest publicly quoted Bitcoin investment vehicle.
In 2021, Sarwa Invest, the platform’s flagship product, also lowered its minimum investment amount to just $5 from an initial $500, reflecting its commitment to democratize investing.
“Sarwa is revolutionising the financial services landscape in the Middle East by offering a range of investment solutions to a large market that has had little access to such services in the past,” commented Ibrahim Ajami, head of ventures and growth at Mubadala Investment Company.
“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, reflecting the potential for further exponential growth.”
Ibrahim Ajami, head of ventures and growth at Mubadala Investment Company.
Despite a turbulent global financial landscape in 2020, Sarwa experienced an influx of new clients, leading deposits to nearly double.
“Sarwa created a unique offering that has helped many grow their wealth the right way. They have a rapidly growing base of clients with soaring retention rates, and we expect stickiness to be further strengthened as Sarwa introduces new product offerings soon,” added Rawad Khalife, executive director at MEVP.
To date, Sarwa has raised around $25 million from regional and international investors, as well as government funds.
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