InvestSky launches in the UAE following a $3.4m fundraise
By Leandra Monteiro
InvestSky, a social investing platform for a new generation of retail investors across GCC, has raised $3.4 million in a pre-seed funding round led by Emkan Capital, and joined by prominent investors including S3 Ventures, Al-Romaizan Family office, Mishal Al-Mishari, the Deputy CEO of Jahez, and notable angel investors.
InvestSky is launching a social investing commission-free platform tailored for a new generation of investors in the GCC with the aim of making investing inclusive, intuitive, and informed.
The platform allows users to buy fractional stocks starting from $1 (3.67 AED) and provides a social community for users to collaborate. It will also provides market intelligence data which will further empower investors to make more informed decisions aligned with their investment principles whether they are shariah-compliant or focused on positive social and environmental impacts. The start-up received a category 4 license with retail endorsement from Dubai Financial Services Authority (DFSA), the Independent regulator of financial services conducted in or from DIFC.
Nitish Mittal, CEO of InvestSky, commented, “We founded InvestSky on the recognition that retail investors are a hugely influential group across the middle east, yet the offering for them is clearly lagging behind. The region has not scratched the surface when it comes to the engagement and education of retail investors, especially considering the significant purchasing power, high GDP per capita and beneficial demographics. We intend to offer an empowering platform that helps educate our users to make sound investment decisions; powered by socially connected tools that will help build a collaborative community in the region.”
Turki Alshaikh, Co-founder of InvestSky, commented, “The retail investor services market in the region is still highly untapped. The number of retail investors using fintech solutions grew by more than 180% over the past year, in Saudi alone, according to the CMA. Beyond this, we see a big gap in financial inclusion, with female retail investors making up less than 27% of investors. We believe that educating our users is key to building a sustainable market by improving both financial literacy and inclusion.”
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