Sav Raises US$3.5M Pre-Series A Led by Phoenix Venture Partners to Expand into Saudi Arabia

Purvi Munot and Mithil Ajmera, Sav co-founders

Abu Dhabi-based Phoenix Venture Partners has led a US$3.5 million Pre-Series A round in Sav, an AI-powered consumer fintech platform. The investment will support Sav’s expansion into Saudi Arabia and the wider GCC, while funding AI infrastructure, product development, and user acquisition as the company builds an integrated platform for saving and wealth management.

What is Sav and what does its new funding mean?

Sav, an autonomous consumer fintech platform founded by Purvi Munot and Mithil Ajmera, has raised US$3.5 million in Pre-Series A funding led by Abu Dhabi-based Phoenix Venture Partners (PVP).

The round also included several co-investors from the investor base of the Phoenix Venture Partners Innovation Fund CEIC Limited (PVPIF).

The financing gives Sav capital to expand its consumer fintech platform across the GCC, with Saudi Arabia identified as a key strategic growth market.

Sav has previously raised approximately US$2.5 million, bringing its disclosed funding to approximately US$6 million following the latest round.

Key funding details

Detail	Information
Company	Sav
Funding round	Pre-Series A
Amount raised	US$3.5 million
Lead investor	Phoenix Venture Partners
Additional investors	Co-investors from the PVP Innovation Fund investor base
Previous funding	Approximately US$2.5 million
Founders	Purvi Munot and Mithil Ajmera
Headquarters	Abu Dhabi, UAE
Key expansion market	Saudi Arabia
Target region	GCC
Regulatory status	DFSA Category 4 license
Core technology	SavCore AI infrastructure

How does Sav use AI to manage consumers' finances?

Sav is positioning itself as a unified financial ecosystem rather than a single-purpose fintech product.

Its platform allows consumers to aggregate and manage financial accounts in one place while using its proprietary AI infrastructure, SavCore, to automate key financial decisions.

The platform brings together:

• Savings
• Investments
• Gold
• Payments
• Commerce
• Wealth management

This approach is designed to give users a consolidated view of their financial lives while helping automate decisions around saving, investing, and wealth creation.

Sav operates under a Dubai Financial Services Authority (DFSA) Category 4 license in the UAE, providing the regulatory foundation for its financial-services operations.

Why is Sav expanding into Saudi Arabia?

The latest funding will primarily support Sav's go-to-market expansion into Saudi Arabia, alongside product development, AI infrastructure, and user acquisition across the GCC.

Saudi Arabia is therefore more than an additional geographic market for Sav. It is a central part of the company's regional growth strategy.

For PVP, the investment reflects a broader thesis about where the next phase of GCC fintech growth could come from: consumer financial products built on top of established payment infrastructure.

Steve Khayat, Founder and CEO of Phoenix Venture Partners, said the firm's focus is increasingly shifting toward the financial products and consumer experiences that can be built on top of payment rails.

“The next chapter of GCC fintech won't be defined by payments. It will be defined by what gets built on top of payment rails: lending, insurance, wealth management, and embedded finance.”

He summarized the thesis as:

“Infrastructure creates platforms. Platforms create ecosystems.”

PVP believes Sav's AI-first approach to financial wellness, saving, and wealth creation positions the company to participate in this transition.

Why does Phoenix Venture Partners see AI-led money management as the next fintech opportunity?

PVP's investment thesis is informed by its operational experience in the regional fintech ecosystem, including the scaling of a major Buy Now, Pay Later (BNPL) platform.

Faris Al-Obaid, Co-Founder and Executive Director of Phoenix Venture Partners, argued that BNPL helped change how consumers access spending, but that the next shift could center on AI-led money management.

“Sav is helping consumers build wealth rather than simply finance consumption.”

The distinction is important. BNPL primarily addresses access to consumption, while Sav is targeting financial behaviors further along the consumer journey—including saving, investing, wealth management, and financial decision-making.

This places Sav within a broader fintech transition from transactional financial services toward personalized financial management.

What will Sav use the US$3.5M funding for?

Sav plans to deploy the new capital across four main areas:

1. Saudi Arabia expansion — Building its go-to-market presence in the Kingdom.
2. AI infrastructure — Further developing SavCore and its AI-led financial capabilities.
3. Product development — Expanding the platform's financial products and consumer experience.
4. GCC user acquisition — Scaling the customer base across regional markets.

The company also points to diversified revenue streams spanning interchange income, wealth management fees, commerce commissions, and subscriptions, supporting its growth strategy beyond a single fintech revenue model.

What did Sav's founders say about the investment?

Sav Co-founder and CEO Purvi Munot said the company is targeting a generation of consumers whose financial lives increasingly cross national borders.

“Their accounts sit in different countries, their credit history resets every time they move, and no institution ever sees the whole picture.”

Munot said Sav aims to provide a platform that can understand an individual's broader financial position and act on it.

The partnership with PVP is expected to accelerate Saudi Arabia expansion, AI capabilities, and the development of Sav's broader financial platform.

What does Sav's funding say about the GCC fintech market?

Sav's latest financing highlights a shift in the regional fintech opportunity from payments infrastructure toward higher-value financial applications.

The company is targeting consumers who want more than payment functionality, combining savings, investment, wealth management, and other financial services within a single platform.

With US$3.5 million in new capital, approximately US$2.5 million in prior funding, a DFSA Category 4 license, and Saudi Arabia as a priority expansion market, Sav is positioning itself around the intersection of AI, open finance, and consumer wealth management.

For investors, the round also signals growing interest in fintech models that can monetize multiple stages of the consumer financial journey rather than relying solely on payments or credit.

What are the key takeaways from Sav's US$3.5M round?

• US$3.5M raised in Pre-Series A funding.
• Phoenix Venture Partners led the round.
• Sav had previously raised approximately US$2.5M.
• The company is expanding into Saudi Arabia and the wider GCC.
• Sav uses its proprietary SavCore infrastructure to power AI-led financial management.
• Its platform combines savings, investments, gold, payments, and commerce.
• Sav operates under a DFSA Category 4 license in the UAE.
• PVP sees AI-led money management and wealth creation as an emerging fintech opportunity beyond BNPL and payments.
• Sav generates revenue through interchange, wealth management fees, commerce commissions, and subscriptions.

 

 

 

FAQs

1. What is Sav?
Sav is a UAE-based consumer fintech platform founded by Purvi Munot and Mithil Ajmera. It uses AI and open finance infrastructure to help consumers manage savings, investments, payments, and wealth through a unified financial ecosystem.

2. How much funding has Sav raised?
Sav raised US$3.5 million in a Pre-Series A round led by Phoenix Venture Partners. It had previously raised approximately US$2.5 million, bringing its disclosed funding to approximately US$6 million.

3. Who led Sav's Pre-Series A funding round?
Phoenix Venture Partners (PVP) led Sav's US$3.5 million Pre-Series A round, with participation from co-investors from the investor base of Phoenix Venture Partners Innovation Fund CEIC Limited.

4. Why is Sav expanding into Saudi Arabia?
Saudi Arabia is a key strategic growth market for Sav as it expands across the GCC. The new funding will support the company's go-to-market expansion in the Kingdom, alongside product development, AI infrastructure, and user acquisition.

5. What is SavCore?
SavCore is Sav's proprietary AI infrastructure. It powers the company's approach to automating financial decisions and delivering AI-led financial management across savings, investment, and wealth-building activities.