Robo-advisor firm Sarwa has become the first graduate from the Dubai Financial Services Authority’s (DFSA) regulatory sandbox.
The startup, which launched its platform in February 2018, underwent 12 months of testing before being granted an innovation testing licence (ITL).
The DFSA has been encouraging local startups to apply for these licences arguing that it offers a flexible environment to test new business models and innovative products and its chief executive Bryan Stirewalt said that “Sarwa’s progress is the first tangible demonstration that this goal can be achieved”.
Sarwa’s graduation comes just weeks after it secured $1.3 million in its pre-series A round of financing.
Investors included Abu Dhabi-based veture capital firms Shorooq Investments and Middle East Venture Partners as well Lebanon-based Saned Partners and the US venture fund 500 Startups.
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