Sarwa Digital Wealth, announced earlier in the week that it has successfully completed a Series A funding round with KIPCO as the lead investor. Other major contributors include Abu Dhabi Investment Office, Saudi-based Vision Ventures, and Harambo Perks (UK), among others. The net yield from the round stands at $8.4 million.
For those unfamiliar with Sarwa, the company touts itself as the first-of-its-kind hybrid investment platform. Young professionals are among the prime targets for the company as it thrives on emerging the go-to destination for easy and affordable investment choices.
Sarwa’s Series A round was significant on another count. It was the first-ever time when a regional investment group joined forces with a regional FinTech in such an important strategic partnership, the company stated in a brief to the media.
It further added that KIPCO’s willingness to contribute to Sarwa’s growth signals that the time is ripe for the market to facilitate alternative avenues for affordable investing with wider access to the masses.
Commenting on the occasion, Mark Chahwan, CEO, Sarwa, explained: “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. This is a vote of confidence from a Financial Institution that decided to collaborate with a team they trust to deliver superior client experiences and investment returns in wealth management.”
With the new fund in the kitty, Sarwa finds itself in a much stronger position to provide better alternatives to expensive and non-transparent saving plans. Additionally, it also plans on expanding to some of the major regional markets including Saudi Arabia.