Dubai-based fintech firm baraka has raised $20 million in a Series A round led by US-based venture capital fund, Valar Ventures.
Launched in 2021, baraka empowers regional investors with access to commission-free investing, over 6,000 US stocks, and Exchange Traded Funds (ETFs).
With this new investment, baraka will double its presence across the GCC and Egypt, as well as drive customer acquisition.
The company will continue to evolve its app with new services anticipated to launch over the next 12 months including access to features like dividend reinvestment plans, extended hours trading, and much more.
Feras Jalbout Founder & CEO Baraka
“In just one year since our launch, tens of thousands of users have signed up to baraka. By empowering the next generation of investors in our region with low-cost and comprehensive investment choices, we remain committed to enabling financial inclusion for millions of investors across MENA. We are excited to have Valar Ventures and Knollwood join us in transforming how users here save, invest and grow their money for the future.”
According to the company statement, “baraka marks the first regional investment for Valar, a venture capital firm backed by globally renowned entrepreneur, Mr. Peter Thiel. Closing out the round was global investment firm Knollwood.”
As part of its growth plans, baraka intends to create further access to regional economies where it aims to secure licensing in the future. The company has committed the majority of this fundraise to new markets and create more access to local stock exchanges for regional investors, as per the statement.
“We’re proud to back the world-class team that’s shaping up at baraka, with our first investment into the Middle East. The region’s emerging fintech ecosystem has immense potential and we’re encouraged by the early signs of traction that baraka has been able to showcase. We’re really looking forward to working closely with the company as they enter this exciting new phase of growth across the region,” commented Mr. Andrew McCormack, General Partner at Valar Ventures.
