Saudi Press

Saudi Arabia and the world
Monday, Oct 02, 2023

UAE fintech InvestSky raises $3.4m in pre-seed funding

UAE fintech InvestSky raises $3.4m in pre-seed funding

UAE-based InvestSky has raised $3.4 million in a pre-seed funding round led by Saudi venture capital firm Emkan Capital with participation from other investors.

Established in 2021, InvestSky is a social investing platform tailored for the new generation of investors in the Middle East with the aim of making stock trading inclusive, intuitive and informed.

In an exclusive interview with Arab News, Nitish Mittal, CEO and co-founder of InvestSky, said that the company targets non-professional investors to solve their investment needs with a community-driven approach.

“Particularly across Gulf Cooperation Council countries the space is ripe for disruption, and we want to help a new era of investors to put their money to work,” Mittal told Arab News.

The platform allows users to buy fractional stocks starting from $1 on a commission-free basis and provides a social community for users to collaborate.

“We offer a freemium subscription-based model, where the premium plan comes with advanced features that help users make informed decisions,” Mittal explained.

He also added that users will be able to use the service for free which will encourage them to switch to the subscription after recognizing the value provided by the app.

“We want to take away the hurdles and perceived difficulties of investing and our ambition is to make investing seamless, intuitive and informed,” Mittal said.

He added: “We’re basing our business model on our deep understanding of what the new era of investors want which includes convenience, simplicity, collaboration and ease of use.”

Mittal aims to expand the company to the entire GCC region while enhancing the platform’s features and system to help users get access to the tools and information they need.

“When you bring people together you can create incredible opportunities for people to learn from one another and simultaneously we also see this as an opportunity for us to learn from our community,” he added.

Moreover, the startup managed to receive a category 4 license with retail endorsement from the Dubai Financial Services Authority.

The company also provides market intelligence data which will further empower investors to make more decisions aligned with Shariah compliance or social and environmental impacts.

“We intend to offer an empowering platform that helps educate our users to make sound investment decisions powered by socially connected tools that will help build a collaborative community in the region,” Mittal said.

The company also managed to get other Saudi investors on board including S3 Ventures, Al-Romazian Family Office and Mishal Al-Mishari, the deputy CEO of Saudi food delivery app Jahez.

Co-founder of InvestSky, Turki Al-Shaikh, stated that the number of non-professional investors using fintech solutions grew by more than 180 percent over the past year in Saudi Arabia alone.

“Beyond this, we see a big gap in financial inclusion, with female non-professional investors making up less than 27 percent of traders. We believe that educating our users is key to building a sustainable market by improving both financial literacy and inclusion,” Al-Shaikh explained.


Related Articles

Saudi Press
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Swedish Embassy in Baghdad Engulfed in Flames Amidst a Firestorm of Protests
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Today, we're unveiling the splendor of one of Saudi Arabia's most exclusive and stunning retreats – the Jeddah Yacht Club
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Muslim Tycoon Asif Aziz Receives Approval for the Transformation of the iconic London Trocadero Landmark into Mosque
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
Israeli Prime Minister Netanyahu Hospitalized Due to Dehydration Amidst Summer Heatwave
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Saudi Arabia Joins the Treaty of Amity and Cooperation in Southeast Asia
The Renowned Crown Prince Camel Festival Set to Return to Taif on Aug. 1
Why Do Tech Executives Support Kennedy Jr.?