TWIG launches region’s first automated savings platform after securing investment and DFSA approval
TWIG, a UAE fintech start-up based out of Dubai International Financial Centre (DIFC), has received an Innovation Testing Licence (ITL) from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. The ITL enables TWIG to test and develop their products and services in a controlled regulatory environment.
“Obtaining an Innovation Testing Licence is a major 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 DIFC Innovation Hub and FinTech Hive, commented, “DIFC remains at the forefront of growing its ecosystem for FinTech and Innovation firms to thrive and grow as we collectively drive transformation and shape the future of finance. We are thrilled to welcome TWIG as they join us to further expand their business here in Dubai and beyond.”
In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding USD 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 recognised the potential of TWIG’s platform to revolutionise 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 its savings platform in promoting financial wellness across the region.
“We are thrilled 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 saving easy, automated and accessible for 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 region.”
TWIG officially launched its transformative platform, bringing a new level of convenience and intelligence to personal finance 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. Additionally, TWIG is collaborating with businesses to embed its innovative personal finance solution into their customer journeys across the globe. This approach to personal finance is set to revolutionise the industry and make managing finances simpler than ever before.