“Bokra Secures $4.6 Million Pre-Seed Funding to Transform Wealth Management in MENA”
Cairo-based fintech firm Bokra has announced the successful closure of its $4.6 million pre-seed funding round, led by DisrupTech Ventures and SS Capital, along with other investors. This investment positions Bokra to revolutionize wealth management in the MENA region by becoming the first platform to offer goal-based investment and savings products through asset-backed securities.
With a mission to democratize wealth management, Ayman El-Sawy, an industry veteran with 21 years of experience in non-banking financial services and debt instruments, founded Bokra. The platform aims to serve diverse financial goals and empower retail and SME investors to save and invest seamlessly across multiple asset classes. Bokra’s team is addressing various challenges faced by retailers and SMEs, such as the lack of personalized investment planning, fragmented applications for asset-class investments, opaque fee structures, and high-ticket physical assets.
In response to these challenges, the Bokra app offers personalized and balanced financial and investment planning across different asset classes, leveraging asset-backed securities for the first time. This empowers users to manage and grow their wealth through fractional ownership of diverse products.
Ayman El-Sawy, founder and CEO of Bokra, expressed his commitment to the company’s mission, stating, “Since day one, we have been on a mission to make high-yield and asset-backed investment opportunities accessible to retail investors. These instruments will undergo financial structuring through our FRA-licensed subsidiary sukuk arm, igniting a radical and substantial impact on individuals and SMEs.”
Mohamed Okasha, founder and managing partner at DisrupTech Ventures, highlighted the significance of Bokra’s launch, stating, “Bokra’s launch is perfectly timed, with the demand for alternative investment solutions reaching unprecedented heights. We deeply support Bokra’s mission of disrupting the industry by offering goal-based and asset-backed securities products.”
Samer Sallam, Chairman of SS Capital, expressed confidence in Bokra’s potential, stating, “This strategic infusion of capital will empower Bokra to offer an unprecedented range of offerings to users across the region. At SS Capital, we believe in supporting promising ventures with transformative potential.”
With a planned launch in Q2 2024, Bokra aims to provide a personal and simple user journey. Users will undergo a comprehensive questionnaire to determine their risk appetite, investment tenor, and monthly contribution amount. Based on this data, they will be matched with a portfolio aligned with their goals. The Bokra app will also feature scenario playing, allowing users to measure the yields of their contributions, along with a dashboard for systematic tracking of financial goals.
The funds raised will be used to launch the Bokra app, expand the range of investment products, and scale operations across the MENA region, further supporting Bokra’s efforts to raise investment awareness and promote smart investing.
Source: wamda.com
