Xponent, upcoming investment app, secures $1 million in Pre-Seed funding

Xponent, upcoming investment app, secures $1 million in Pre-Seed funding 

By: Abu Dhabi SME Hub

Xponent will allow users to invest with their bank account's spare change.

Xponent, an upcoming investment app set to launch in the UAE in Q1 2022, has secured $1 million in Pre-Seed funding, Gulf News has reported. The company is registered in the Dubai International Financial Centre (DIFC).

The company is bringing a new kind of investing model to the UAE. 

"Xponent... allows users to link their bank account and earn investment returns on the spare change. Every time a user does a transaction, the amount is rounded up, and the balance is invested into a diversified portfolio. This enables users to start investing in global markets with minimums as small as 1 fil," Gulf News explained.

By default, every transaction is rounded up to the nearest 10. For example, AED 4 gets rounded up to AED 10, AED 161 gets rounded up to AED 170 and so forth). Users will be able to specify the difference by which they would like the app to round up their transactions.

This new funding will help Xponent build its solution, and the company is working on bringing relevant parties together to provide a seamless experience for users. The development of the app and solution is currently underway, and the 2022 launch is set to take place after Xponent receives the relevant regulatory approvals.

“We were motivated to come up with a solution to make investments affordable to everyone, regardless of their financial situation. We believe that each person has the capability to manage and handle their money better, and by incentivizing people to invest their spare change every time they spend, we are endeavouring to give financial freedom to them. The endgame here is to transfer as much knowledge in this field and help kickstart investments for everybody,” said Soorya Srinivasan, CEO and Co-Founder of Xponent.

“It’s very important to us to be transparent with users. We want to make sure Xponent stands by its three vital pillars so every segment of the demography benefits from using the app. No minimum investment [is] required to start, hassle-free automation of rounding up every transaction, and no prior financial knowledge is required to begin your investment journey with us.” said Pankaj Solanki, COO and Co-Founder of Xponent.

The app will first be available in the UAE only initially, but the company plans to expand to the rest of the GCC. 

You can find more information here: www.xponent.ae. The first 2,000 people to join the waitlist for the upcoming app will earn cash rewards.

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