The Dubai-based fintech platform MALY (my money in Arabic) announced it secured an investment exceeding US$1.6 million in a pre-seed funding round led by a group of GCC-based angel investors.
The startup has announced its plan to expand to the GGC after witnessing high demand for healthier saving and investment habits in the MENA region. Data shows that about 60% of the population in MALY’s two primary target markets – the UAE and KSA – do not have any type of pension or savings plan.
The company provides smart saving tools, debt management, spending guidance, and investment plans.
“Our mission is simple yet profound: to make improving financial wellness accessible for individuals across the MENA region,” said Mo Ibrahim, Co-founder and CEO of MALY.
“The remarkable pre-seed funding we have received will enable MALY to kickstart its growth journey. It will enable us to scale efficiently by creating partnerships to reach new customers and drive platform development with enriched product features,” Ibrahim added.
The funding will go toward a new growth phase involving the latest AI technologies.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.