Fintech
Egyptian fintech Bokra secures $4.6 million in seed funding round
Bokra It will support a range of financial objectives and enable retail investors and SMEs to easily save and invest across different asset classes.
To assist merchants and SMEs in managing their wealth, the Bokra team is addressing several challenges, such as lack of personalized investment planning, fragmented investment applications by asset classes, opaque fee structures and expensive physical assets.
THE Bokra app addresses these challenges by offering balanced and personalized financial and investment planning across various asset classes. It stands out as the first app of its kind based on asset-backed securities, providing users with partial ownership of a wide range of items, thereby helping them manage and grow their wealth.
Ayman El-Sawy, founder and CEO of Bokracommented on the successful closing of the pre-Seed round: “From the beginning, our mission has been to make high-yielding, asset-backed investment opportunities accessible to retail investors.
These instruments will undergo financial structuring through our FRA-licensed controlled sukuk subsidiary, creating a significant and transformative impact on individuals and SMEs. This revolution is driven by our advanced fintech solutions and, most importantly, our management team, which has up to 120 years of combined experience in financial technology and the non-banking financial sector.
We are committed to improving financial inclusion and raising investment awareness across the MENA region. In a region where financial needs and aspirations are constantly evolving, Bokra is set to become the investment platform of choice for both individuals and SMEs looking to diversify their fractional ownership portfolio in a simple, traceable and informed”.
Scheduled to launch in Q2 2024, Bokra’s user journey is designed to be simple and personalized. Users determine the monthly contribution amount, investment duration and risk appetite through a comprehensive questionnaire. Based on the results, they are matched with a portfolio that includes a variety of instruments aligned with their objectives.
The Bokra app comes with a dashboard that helps users monitor and stay constantly updated on their financial goals. Additionally, it offers scenario analysis, allowing users to evaluate potential returns on their monthly contributions.
The funding will support the launch of the Bokra app, expansion of financial product selection and growth of operations in the Middle East and North Africa. This will broaden support for Bokra’s initiatives to increase investment literacy and promote a culture of wise investing to meet a range of financial goals and desires.