Book a free demo with us
Book Now
Dubai-Based Fintech Mafhoom Technologies Raises $1.36 Million in Pre-Seed Funding Round

Dubai-Based Fintech Mafhoom Technologies Raises $1.36 Million in Pre-Seed Funding Round

By Press Release 16 November 2023

Mafhoom Technologies, a pioneering startup in personal financial empowerment, announced the successful completion of its pre-seed funding round, raising an impressive 5 million UAE dirhams ($1.36 million).

The Dubai-based fintech innovator is on a mission to redefine personal finance management with its all-encompassing intelligent app, designed to empower individuals to take command of their financial journeys.

Incorporated within the prestigious Dubai International Financial Center (DIFC), Mafhoom Technologies is poised to revolutionise how people interact with their finances.

The app, available on both iOS and Android platforms, offers a suite of features to optimise spending behaviour, reduce bills, eliminate debt, enhance financial literacy, and achieve savings and investment objectives.

With a formidable coalition of reputable investors backing its vision, led by Al-Wafra Al-Thanya for Investments, along with various angel investors, Mafhoom Technologies is well-positioned to scale new heights.

The infusion of capital will be strategically deployed to augment the startup’s talented team, bolster its cutting-edge AI behavioural and predictive analysis capabilities, and accelerate its journey towards creating unparalleled personal financial services.

In an exciting development, Mafhoom will also be expanding its presence to Saudi Arabia, marking a significant step in its global journey.

“Mafhoom Technologies is at the forefront of financial innovation, and we are delighted to have the support of esteemed investors who share our vision for a financially empowered future,” said Ahmad Khatib, – co-founder and CEO of Mafhoom Technologies. “This funding is a pivotal milestone that propels us closer to transforming our everyday financial lives.”

"Mafhoom is a pillar in our vision for creating a unique fintech ecosystem that empowers individuals to take control of their financial futures. We believe in the transformative potential of their intelligent technology and the innovative solutions it brings to the table," said Salah Khashoggi - President of Al-Wafra Al-Thanya for Investments.

Mafhoom is elevating its technology through a strategic infusion of advanced functionalities, meticulously aligning with its ambitious roadmap.

The company is pioneering the integration of AI-driven financial insights and predictions, wealth-building algorithms, and intelligent investment analytics, aiming to deliver a seamless and sophisticated financial user experience.

---

Send us your press releases to shareyournews@lucidityinsights.com

Mentioned Startup & VC Profiles
Wafra International Investment

Wafra International Investment

Wafra International Investment Company manages diverse portfolios and investment funds with highly qualified personnel experienced in investment and asset management who prioritize building client relationships based on trust, honesty, and transparency.

Related Report

Dubai’s Digital Economy and Startup Ecosystem

Dubai’s Digital Economy and Its Expanding Startup Ecosystem

Dubai’s startup ecosystem will have raised over USD 2 billion by the end of 2022, with self-employed and digital economy roles tripling. Few MENA markets have a 20-year-old startup ecosystem birthing multiple unicorns. Dubai has been the digital startup hub for tech giants and new unicorns alike. Since 2017, Dubai has raised 96% of UAE’s funds, totaling over USD 2 billion by October 2022. LinkedIn data shows a booming digital economy job market with increasing opportunities and remote work options. Learn from top home-grown startups and global transplants why Dubai is poised to become the next digital economy capital of the world.

Did you check these out?

Related Contents

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems