Egypt’s Bokra raises $4.6 million for wealth expansion

An Egypt-based fintech company, Bokra, has raised $4.6 million in a pre-seed round to launch the Bokra app, expand its investment product offerings, and geographically scale operations across MENA.

Bokra expects this development to revolutionize wealth management in the MENA region by becoming the first platform to provide goal-based investment and savings products via asset-backed securities.

Ayman El-Sawy founded Bokra in 2023, and it has served a wide range of financial goals, empowering retail and SME investors to save and invest across multiple asset classes.

The fintech addresses several challenges that retailers and SMEs face when trying to manage wealth, including a lack of personalized investment planning, fragmented applications for asset-class investments, opaque fee structures, and high-ticket physical assets.

However, with the help of this fund, the Bokra app can provide personalized and balanced financial and investment planning across various asset classes, while empowering users to manage and expand their wealth through fractional ownership of a diverse range of products.

El-Sawy expressed the fintech’s commitment to accelerating financial inclusion and raising investment awareness across MENA, stating that “Bokra is poised to become the preferred investment platform for both individuals and SMEs looking to diversify their fractional ownership portfolio in a simple, trackable, and informed way.”

Also, Mohamed Okasha, founder and managing partner at DisrupTech Ventures, expressed his excitement for the round. In his words, “Bokra’s launch is perfectly timed, the demand for alternative investment solutions has reached unprecedented heights due to remarkable returns”.

In 2021, Statista revealed that Morocco and Egypt had one of the highest shares of population without access to bank services worldwide, with an unbanked rate of roughly 71% and 67%, respectively.

Consequently, Okasha said, ”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.

“Their innovative use of investment instruments, coupled with their best-in-class management team, poises Bokra to impact the lives of millions of Egyptians.”

(Techpoint Africa)

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button