UAE-based fintech TWIG raises seven-figure pre-Seed round

by James · May 11, 2023

UAE-based fintech TWIG has secured an undisclosed pre-Seed round “in excess of $1 million”, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and other angel investors.

Founded in 2021 by Chafic Idriss, Karam El Dik and Rayan Antonios, TWIG is a bank-agnostic automated savings platform.

The funding will be used to support the company’s expansion plans and promote economic well-being throughout the region.

TWIG has received an Innovation Testing License (ITL) from the Dubai Financial Services Authority (DFSA).

Press release:

TWIG Solutions Ltd (“TWIG”), a financial technology start-up based at the Dubai International Financial Center (DIFC), the leading global financial center in the Middle East, Africa and South Asia (MEASA), has received an Innovation Testing License (ITL) from Dubai Financial Services Authority (DFSA), the independent regulator of financial services carried out in or from the DIFC. ITL enables TWIG to test and develop its products and services in a controlled regulatory environment.

“Obtaining an innovation test license is an important milestone for TWIG and we are grateful to be part of DIFC’s leading ecosystem that is paving the way for the future of finance,” said Chafic Idriss, CEO of TWIG.

Mohammed Alblooshi, Head of the DIFC Innovation Hub and FinTech Hive, commented: “The DIFC remains at the forefront of growing its ecosystem for FinTech and innovation firms to thrive and grow as we together drive transformation and shape the future of finance. We are delighted to welcome TWIG as they join us to further expand their business here in Dubai and beyond.”

In addition to raising DFSA’s ITL, TWIG has secured an undisclosed pre-seed round of over $1 million, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and some of the region’s most renowned angel investors, all of whom quickly recognized the potential of TWIG’s platform to revolutionize the way consumers save and manage their finances. The funding will be used to support the company’s ongoing expansion efforts and accelerate the growth of the savings platform to promote economic well-being throughout the region.

“We are delighted to have the support of these experienced investors as we continue to grow and expand our business,” added Idriss. “Our platform has already demonstrated its ability to make savings easy, automated and accessible to everyone; and with this new funding, we can further accelerate our growth and bring our solution to more consumers around the Middle East and North Africa.

TWIG officially launched its transformative platform, bringing a new level of convenience and intelligence to personal financial management. With TWIG, individuals can easily plan, track, save and achieve their financial goals. The platform integrates with existing bank accounts to make the user experience seamless. In addition, TWIG partners with businesses to embed its innovative personal finance solution into their customer journeys worldwide. This approach to personal finance is set to revolutionize the industry and make financial management easier than ever before.