MALY Completes a $1.6 Million Fundraising Round to Grow Throughout MENA
Dubai-based financial wellness platform MALY has raised more than $1.60 billion in its pre-seed funding round to grow into more GCC and MENA countries, as reported by Zawya.
With this financing, MALY will be able to enhance its automatic savings app and bank-linked card by utilizing the latest artificial intelligence (AI) technologies. The investment round was sponsored by an influential group of angel investors headquartered in the GCC.
In the United Arab Emirates and Saudi Arabia, 60% of the population lacks any form of pension or savings plan. Therefore, MALY aims to bridge this gap by offering a convenient, user-friendly platform that provides useful debt management, spending advice, and investment planning features.
Mo Ibrahim, Co-Founder and CEO of MALY, noted: "The remarkable pre-seed funding we've received will enable MALY to kickstart its growth journey. It will enable us to scale efficiently by creating partnerships to reach new customers and drive platform development with enriched product features.”
“Since inception, we’ve built in-house data engineering pipelines to embed machine learning (ML) into our platform,” Ibrahim noted.
The CEO added: “Aided by recent technological advances, we can now offer data-driven personalized recommendations to help our customers sustain a healthy relationship with their finances.”