Sav, a leading innovator in the personal savings space, today announced the successful closure of its pre-seed funding round, raising USD 750,000 in capital. The funding was raised from prominent angel investors and fintech leaders in the MENA region.
Sav, a dynamic platform designed to facilitate financial savings for consumers, is part of the prestigious Mohammed Bin Rashid Innovation Fund's (MBRIF) Innovation Accelerator program. The platform makes saving money convenient, accessible and rewarding for consumers. The app offers personalized savings plans, helps users track their progress, and rewards them for meeting their savings goals. With its user-friendly interface and powerful features, Sav is changing the way people think about saving money and helping them achieve their financial goals.
Purvi Munot CEO of Sav
"We are thrilled to have the support of such prominent investors in our mission to revolutionize 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 has already received widespread recognition and praise for its unique approach to personal savings. The app's user-friendly design and innovative features have attracted a rapidly growing base of 20,000 users who have created saving goals upwards of AED 20Mn. The company is poised for continued success in the coming months and years.
Commenting on the partnership, 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. It gives us great pleasure to announce that Sav, one of our accelerator cohort members, has successfully concluded their pre-seed funding round. Sav is a pioneering organization committed to helping individuals save money and make informed financial decisions. 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.”
Sav's founders have a long history of innovation in the financial technology sector, and their expertise is reflected in the app's design and functionality. The pre-seed investment will be used to further develop the platform and expand its reach.
For more on pre-seed funding check out our video: