Homegrown startup Sav raises $750,000 in pre-seed round

SAV,  a homegrown hyper-personalised fintech app launched in 2022,  has announced the successful closure of its pre-seed funding round.

The company raised $750,000 in capital. The funding was raised from angel investors and fintech leaders in the MENA region.

The platform designed to facilitate financial savings for consumers is part of the Mohammed Bin Rashid Innovation Fund’s (MBRIF) Innovation Accelerator programme.

With its user-friendly interface and powerful features, the app makes saving money convenient and accessible for consumers.

The platform offers personalised savings plans, helps users track their progress, and rewards them for meeting their savings goals.

“We are thrilled to have the support of such prominent investors in our mission to revolutionise personal savings,” said Purvi Munot, CEO of Sav. “This funding will allow us to bring our innovative solution to more users and continue to enhance the user experience.”

SAV: Poised for growth

The app has a rapidly growing base of 20,000 users who have created saving goals upwards of Dhs20m.

The company is also poised for continued growth, said the CEO.

Fatima Al Naqbi, chief innovation officer at the Ministry of Finance and MBRIF representative, said: “From the very beginning, the primary objective of MBRIF has been to foster innovation that positively impacts communities by improving education and enhancing the quality of life.

We high potential innovators, help them achieve scale, market traction, & ultimately business success. MBRIF’s carefully crafted programs veer away from the one-size-fits all approach to support every businesses’ unique needs. Innovation – It’s in our name, our DNA. #UAEInnovate pic.twitter.com/HmXlSyH8St

— Mohammed Bin Rashid Innovation Fund (@MBRIFund) February 10, 2023

Al Naqbi added: “It gives us great pleasure to announce that Sav, one of our accelerator cohort members, has successfully concluded their pre-seed funding round.

“This accomplishment serves as a testament to the calibre of MBRIF’s members and their significant contributions in advancing services for people through innovative solutions.”

The pre-seed investment will be used to further develop the platform and expand its reach.

The app is available for download on the App Store and Google Play.

In other news, MBRIF and Masdar City awarded free business licenses from Masdar City Free Zone to five startups in the MBRIF Accelerator programme, in October last year.

Read: Masdar City, MBRIF to support sustainability-focused UAE startups