UAE fintech baraka raises $20m Series A funding round UAE fintech baraka raises $20m Series A funding round
Now Reading
UAE fintech baraka raises $20m Series A funding round

UAE fintech baraka raises $20m Series A funding round

The company marks the first regional investment for Valar, a venture capital firm backed by entrepreneur Peter Thiel

Divsha Bhat
Baraka

Baraka, the Middle East’s platform for commission-free investing, has closed a $20m Series A round led by Valar Ventures.

It marks the first regional investment for Valar, a venture capital firm backed by entrepreneur Peter Thiel. Closing out the round was global investment firm Knollwood.

Launched in 2021, baraka empowers regional investors with access to commission-free investing, over 6,000 US stocks, and Exchange Traded Funds (ETFs).

Starting from $1, investors on its platform can build diversified portfolios and long-term wealth by benefiting from global equity markets to achieve financial independence.

With this new investment, baraka will double down on its presence across the GCC and Egypt and drive customer acquisition.

In addition, the company will continue to evolve its app with new services anticipated to launch over the next 12 months, including access to features like dividend reinvestment plans, extended hours trading and much more.

As part of its growth plans, baraka intends to create further access to regional economies where it aims to secure licencing in the future. In addition, the company has committed most of this fundraising to new markets, creating more access to regional stock exchanges for regional investors.

Baraka

Feras Jalbout, founder and CEO of baraka, said, “In just one year since our launch, tens of thousands of users have signed up to baraka. By empowering the next generation of investors in our region with low-cost and comprehensive investment choices, we remain committed to enabling financial inclusion for millions of investors across MENA. We are excited to have Valar Ventures and Knollwood join us in transforming how users here save, invest and grow their money for the future.”

Andrew McCormack, general partner at Valar Ventures, commented: “We’re proud to back the world-class team that’s shaping up at baraka, with our first investment into the Middle East. The region’s emerging fintech ecosystem has immense potential, and we’re encouraged by the early signs of traction that baraka has been able to showcase. We’re really looking forward to working closely with the company as they enter this exciting new phase of growth across the region.”

Baraka will continue to attract global fintech talent to the region while hiring locally for key department positions. With $25m raised so far, the company will also explore new markets for expansion in MENA.

baraka is a Y Combinator-backed company and is also a part of Abu Dhabi’s global tech ecosystem, Hub71. Its investors include regional and international VCs such as Class 5 Global, Global Founders Capital and Venture Souq.

Headquartered in the Dubai International Financial Centre (DIFC), baraka is regulated by the Dubai Financial Services Authority (“DFSA”).

Read: Saudi tech startup Elevatus raises $10.5m in Series A funding round

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top