Fintech Startup Sarwa has closed a $15 million Series B financing round to continue growing its investment and personal finance platform.
The funding round was left by Mubadala Investment Company and counted with the participation of 500 Startups, Kuwait Projects Company, Shorooq Partners, Middle East Venture Partners (MEVP), DIFC, Hambro Perks Oryx Fund, HALA Ventures, and Vision Ventures. As a result of the round, representatives of Mubadala and 500 Startups will be joining Sarwa’s board of directors.
With this round, the startup has raised $25 million in funding since being founded back in 2017. Tim Chae, Managing Partner at 500 Startups, referred to the firm’s participation in the Series B round by stating:
“At 500, we back companies that are leading the way in changing the world. Financial literacy and inclusion are key to improving lives and building better societies, and Sarwa has boldly tackled the issue by demystifying investment and making it easier than ever before for young people to get a head start on building their personal wealth. We are fully supportive of their goal and continue to be part of their exciting journey,”
With more people around the globe looking for new ways to invest in the stock market, commission-free stock trading platforms have become increasingly popular. Sarwa is looking to capitalize on this increasing interest by providing potential investors with a way to invest with as little as $1. Mark Chahwan, Co-Founder and CEO of Sarwa, referred to the startup’s future with these words:
“Everyone on the team is excited to begin this new chapter. 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. We want to ensure that everyone has access to simple, smart, and affordable financial products and services.
The fintech startup aims to revolutionize how young professionals can create wealth outside the traditional financial system by making use of a smart and simple digital platform to invest. The capital raised in the round will help achieve this mission by expanding the startup’s market position and allowing it to grow its team, while also developing new products and features.