Baraka raises $4 million, launches new investment app

By Leandra Monteiro

Dubai-based FinTech Baraka, recently announced that it has raised $4 million in a seed round from Global Founders Capital, FJ Labs, Raptor Group, Tribe Capital, Nuwa Capital, VentureSouq, and Class 5 Global. The latest funding round takes the total capital raised to date by Baraka to $5 million. The company also announced the official launch of its commission-free mobile investment app after receiving regulatory authorisation from the Dubai Financial Services Authority (DFSA) in June 2021.

Founded in 2020, the baraka app, is now available to download for users across GCC markets such as UAE, Saudi Arabia, Bahrain, Oman, and Kuwait. It provides free and direct access to over 5,000 US-listed securities, including stocks, Exchange Traded Funds (ETFs) and fractional shares with no minimum investment requirements.  The Baraka app also offers a dashboard for users to track and manage their portfolio plus access the content curated by it’s team and learn about investing through the academy.

According to media reports, Feras Jalbout, Founder & CEO of baraka said, “Since we opened our waitlist in March, more than 10,000 users from across the Middle East have subscribed to be among the first to experience the baraka app.  This hasn’t just validated what we’re building, it’s shown us that there is a genuine need for a platform that offers regional retail investors insights and access to international markets.  The feedback we received during the beta testing phase has been invaluable in helping us fine-tune the platform to meet user needs, and we can’t wait for people to finally begin their investment journey now that the app is live.”

According to media reports, Khaled Talhouni, the Managing Partner at Nuwa Capital said, “Baraka is leading the charge in transforming the way in which investors access global capital markets and is at the center of our thinking of how technology can reinvent entire sectors. We’re also especially privileged to be joining Feras who is singularly suited to take on this massive opportunity.”