DUBAI: UAE-based financial technology startup Sarwa has secured $15 million during its latest funding round led by Abu Dhabi wealth fund Mubadala, the company said in a statement.
The investment and personal finance platform was launched in 2017, and has since raised $25 million from regional and international investors.
Sarwa said it plans to reach more users with the recent investment by building new products and growing its team.
“Thousands of clients already use Sarwa to grow their money and build a better future, and this investment will fuel our growth so that we can reach millions more,” said Sarwa co-Founder and CEO Mark Chahwan.
The platform has around 40,000 users, and in 2020, it experienced a surge in new customers as demand for digital investing grew amid the pandemic.
Representatives from Mubadala and 500 Startups are joining the company’s board of directors.
“When Mubadala looks at early-stage investment opportunities, the quality of the founders is of paramount importance, and we strongly believe that Sarwa’s management team has the vision and passion to lead the company into its next phase of growth,” said Mubadala’s Head of Ventures and Growth Ibrahim Ajami.