RIYADH: Social trading platform Dawul has successfully raised $5 million in its latest funding round.
The seed round was led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture, and Sukna Ventures, Magnitt reported.
This funding round puts the Riyadh-based fintech on the global trade map.
Saudi Arabia’s fintech funding rounds in 2021 raised unprecedented amounts of money, with more than 1,000 percent year-over-year growth.
“Our aim at Dawul is to build a global product with Saudi resources. We always welcome Saudi talent who want to prove themselves in the field of fintech and join our company,” co-founder of RAED Ventures, Talal Alasmari, said.
“There are enormous opportunities behind the concept of social trading which have not yet been applied in the region. We are pleased to be investing in the Dawul platform, which is the first to introduce this concept to the Saudi market through a safe and transparent platform, and with the support of the Capital Market Authority to raise awareness among investors.”
Dawul is planning to launch an educational “Japanese candlestick game,” with the aim of educating beginners, and enriching their knowledge of methods for analyzing market volatility and risks, by having them practice stock price predictions based on stock data and trends of previous sessions.