Dubai robo-adviser raises $1.3m

robo-adviserSarwa, a Dubai-based robo-adviser, has secured $1.3 million in funding from investors including Middle East Venture Partners, a venture capital firm with offices in Beirut and Dubai. The capital will be used to finance Sarwa’s Mena expansion plans. The low-cost investment advisory platform launched in May 2017 and is currently operating under a innovation testing licence from the Dubai Financial Services Authority which allows it to work with a limited number of UAE-based clients. Sarwa expects to obtain a full licence in October which, along with the $1.3 million, will be used to expand its reach into Saudi Arabia and Egypt, the two largest wealth management markets in the region. “Up until now we’ve been very lean and focused on establishing ourselves in the UAE market but now we can refine our product and grow,” said founder and chief executive Mark Chahwan. The company also plans to raise between $2 and $4 million in another round of financing in 2019 said Chahwan. ©2018 funds global mena

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