UAE-based MALY raises $1.6M in a pre-seed round

Dubai-based financial wellness platform MALY has raised pre-seed funding of $1.6 million to expand its automated savings app and bank-linked card.

The round saw the participation of a group of GCC-based angel investors, according to a statement shared on Zawya.

The funding also will also be used for new growth using the latest AI technologies.

Mo Ibrahim, MALY's founder and CEO, said the round would enable the company to grow via partnerships and reach more customers. The startup has formed strategic partnerships with other major brands, including VISA, NymCard and DAPI.

"At MALY, we see an opportunity to help people across MENA improve their financial wellness, and harnessing the power of AI will be a huge factor in this. Since inception, we’ve built in-house data engineering pipelines to embed machine learning into our platform. Aided by recent technological advances, we can now offer data-driven personalised recommendations to help our customers sustain a healthy relationship with their finances," he added.

Founded in 2022 at the Dubai International Financial Centre (DIFC) and launched in 2023, MALY is a financial wellness platform empowering MENA individuals to develop stronger money habits. It offers a user-friendly platform for smart saving, debt management, spending guidance, and investment plans.

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Mastercard partners with UAE govt to boost AI adoption in the region

Through a comprehensive suite of tools and resources, including a savings app and card that connects directly to major UAE banks, it aims to educate and improve financial literacy. 

Its automated savings app and VISA card work with all major UAE banks, enabling customers to save by automatically rounding up small amounts from everyday purchases. Customers can also manage debt with smart repayment goals, save automatically, spend with a free VISA card and learn about investment tools.