- Mafhoom Technologies, a Dubai-based fintech startup, has successfully secured $1.4 million in a Pre-Seed funding round. The funding was led by Wafra International Investment, with participation from various angel investors.
- This investment is anticipated to fuel the expansion of Mafhoom’s team with new talents and enhance its behavioral and predictive analysis capabilities using artificial intelligence.
- The funding round also marks the company’s strategic move toward global outreach, with the initial focus on geographic expansion into Saudi Arabia.
- The company’s current services, available through iOS and Android applications, focus on improving spending behavior, reducing bills, combating debt, and promoting financial literacy to help users achieve savings and investment goals.
Dubai-based Mafhoom Technologies, a fintech startup focusing on financial empowerment solutions for individuals, has successfully closed a Pre-Seed investment round worth $1.4 million.
The funding was led by Wafra International Investment and saw participation from several angel investors.
The funding round is expected to contribute to expanding the team with new talents, enhancing behavioral and predictive analysis capabilities using artificial intelligence techniques, and initiating geographic expansion into Saudi Arabia as its first step towards global outreach.
Established in the Dubai International Financial Centre in 2022, Mafhoom aims to revolutionize personal financial management. Currently offering its services through its iOS and Android applications, the company provides features to improve spending behavior, reduce bills, combat debt, and promote financial literacy to achieve savings and investment goals.
Commenting on the funding round, Ahmed Al-Khatib, Co-founder, and CEO of Mafhoom, stated, “Mafhoom Technologies is at the forefront of financial innovation, and we are pleased to have the support of investors who share our vision for an enhanced financial future.” Al-Khatib added, “This investment marks a pivotal milestone in our journey to bring about a transformation in everyone’s financial life.”
Salah Khashoggi, Chairman of Second Nature Investments, remarked, “Concept is a cornerstone of our vision to create a unique financial technology ecosystem to empower individuals to control their financial future. We believe in the intelligent potential and innovative solutions they offer.”
Mafhoom emphasizes ongoing efforts to improve its technologies through the strategic integration of advanced functionalities, aligning with its ambitious roadmap. This includes integrating AI-based financial insights, wealth-building algorithms, and intelligent investment analytics to provide a seamless and advanced user experience.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.