UAE fintech Twig raises undisclosed pre-seed funding
The UAE-based fintech startup will use the funds for expansion and promotion of financial wellness across the region.
UAE-based fintech startup Solutions has raised undisclosed funding in its pre-seed round from Phoenician VC, Soul Ventures, MMK Capital, regional, family offices, and angel investors.
The funding amount reportedly exceeds $1 million.
As per an official press note, the funds will be utilised for the startup's growth and expansion in the Middle East and North Africa region.
Along with the funding, Twig also obtained an Innovation Testing Licence (ITL) from the Dubai Financial Services Authority (DFSA) to test and develop its products and services in a controlled regulatory environment.
Founded in 2021 by Chafic Idriss, Karam El Dik and Rayan Antonios, Twig is an automated saving platform that allows customers to plan, track, save and achieve their financial goals. The app-based platform is available for both iOS and Android.
Twig was also among the 20 startups which formed the first batch of the 2022 FinTech Hive Accelerator Programme organised by DIFC. The programme helped startups gain access to the region's largest financial industry banks and insurance companies for partnership opportunities, exposure to investors, and more.
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Edited by Kanishk Singh