Bokra, a Cairo-based fintech has closed a $4.6 million pre-Seed round led by DisrupTech Ventures, and SS Capital alongside other investors.
In a statement, it said it plans to use the funding to revolutionise wealth management in the MENA region by being the first platform to offer goal-based investment and saving products through asset backed securities.
Founded by Ayman El-Sawy, an industry veteran with 21 years of experience in non-banking financial services and debt instruments, Bokra is aiming to enhance the way retail and SME investors save and invest across multiple asset classes.
This includes tackling a range of challenges such as lack of personalised investment planning, fragmented applications for asset-class investments, non-transparent fee structures, and high ticket physical assets.
Through the Bokra app, users can access personalised financial and investment planning across different asset classes, which is built for the first time upon asset backed securities. This allows them to manage wealth through fractional ownership of diverse products.
Ayman El-Sawy, founder and CEO of Bokra, said: “Since day one, we have been on a mission to make high-yield and asset-backed investment opportunities a reality for retail investors. These instruments are set to undergo financial structuring through our FRA-licensed subsidiary sukuk arm, in return igniting radical and substantial impact on individuals and SMEs.”
Mohamed Okasha, founder and managing partner at DisrupTech Ventures, added: “Bokra’s launch is perfectly timed, the demand for alternative investment solutions has reached unprecedented heights due to remarkable returns. With 67% of the population remaining unbanked, we deeply support Bokra’s mission of disrupting the industry by offering the first goal-based and asset backed securities products.”
Among its highlights, the Bokra app features scenario playing, allowing users to measure the yields of their monthly contributions, as well as a dashboard to systematically track and remain on top of their financial goals. The funds will be used to launch the Bokra app as well as expanding the range of investment products, and geographically scaling operations across MENA, the firm added.
