Source: The National
Sarwa, a Dubai-based low-cost robo-advisory platform, will open a second office in Abu Dhabi as part of a wider GCC expansion, after securing $8.4 million (Dh31m) in Series A funding from investors.
The funding round was led by Kuwait Projects Company, also known as Kipco, which has consolidated assets of more than $30 billion, with other leading investors including the Dubai International Financial Centre, Abu Dhabi Investment Office, Vision Ventures from Saudi Arabia and Hambro Perks from the UK.
Sarwa said the latest funding, which will fund its market expansion to Abu Dhabi and the wider GCC along with the growth of its tech and advisory teams and regulatory upgrades, is a “meaningful milestone” for the FinTech sector, as it is the first time a regional investment group has collaborated with a regional FinTech.
“The coming together of a large institution that understands how to build leading asset managers, with the first licensed FinTech out here sets a great example for the region,” said Mark Chahwan, chief executive and co-founder of Sarwa.