UAE Fintech Sav Raises $3.5M to Expand Across GCC

UAE-based consumer fintech Sav has raised $3.5 million in a pre-Series A funding round led by Abu Dhabi-based Phoenix Venture Partners, with the capital earmarked for expansion into Saudi Arabia and further growth across the GCC.

Founded in 2022 by Purvi Munot and Mithil Ajmera, Sav consolidates users’ accounts, savings, investments, credit, payments and other financial products on a single AI-powered platform. Its proprietary SavCore infrastructure enables automation across savings, investments, gold, payments and commerce.

Sav operates under a DFSA Category 4 licence in the UAE and has identified Saudi Arabia as a priority growth market. The latest funding will support its Saudi market entry, while also funding product development, AI capabilities and customer acquisition across the region.

The fintech has previously raised around $2.5 million, taking its total funding to approximately $6 million. Sav generates revenue through a combination of interchange income, wealth management fees, commerce commissions and subscription revenues.

Munot said Sav is targeting consumers whose financial activities are increasingly spread across multiple products and markets. The platform aims to give users a more integrated view of their savings, spending and wealth management.