Startup

baraka, UAE’s FinTech startup, raises $20m in a Series A round

baraka, a platform for commission-free investing, raised $20 million in a Series A round led by Valar Ventures. This marks the first regional investment for Valar, a venture capital firm backed by global entrepreneur, Peter Thiel.

With this new investment, baraka will double down on its presence across the GCC and Egypt, and drive customer acquisition. The company will launch new services in its app over the next 12 months including access to features like dividend reinvestment plans and extended trading hours.

The platform was launched in 2021, to empower investors across the region with access to commission-free investing and access to over 6,000 US stocks and Exchange Traded Funds (ETFs) starting from $1.

“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,” Feras Jalbout, Founder & CEO of baraka, said.

The startup previously raised $1.1 million in a seed round last March.

The post baraka, UAE’s FinTech startup, raises $20m in a Series A round appeared first on WAYA.

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