Egypt-based Bokra raises $4.6m to provide investment services in MENA
TLDR
- Cairo-based fintech startup Bokra secures $4.6 million in pre-seed funding round led by DisrupTech Ventures and SS Capital.
- Bokra aims to revolutionize wealth management in the MENA region with goal-based investment and saving products using asset-backed securities.
- The funding will drive the launch of Bokra's app, expand investment product offerings, and enable geographical scaling across MENA to raise investment awareness.
Cairo-based fintech startup Bokra has closed a pre-seed funding round, securing $4.6 million. DisrupTech Ventures and SS Capital led the investment, with participation from other investors. Bokra aims to revolutionize wealth management in the MENA region by offering goal-based investment and saving products through asset-backed securities.
Founded to address diverse financial goals, Bokra empowers retail and SME investors to save and invest across multiple asset classes. Its app provides personalized financial and investment planning, leveraging asset-backed securities for the first time.
The funds will fuel the launch of the Bokra app, expansion of investment product offerings, and geographical scaling across the MENA region. In addition, the investment will support Bokra's mission to raise investment awareness and foster a culture of smart investing tailored to various financial goals and aspirations.
Key Takeaways
In Africa, existing investment options lock out the vast majority of people due to complexities in market access and high management fees. Egyptian retailers and SMEs specifically, looking to manage their wealth, face challenges that include the lack of personalized investment planning, fragmented applications for asset-class investments, non-transparent fee structures, and high-ticket physical assets. But across the continent, several platform-first startups like Bokra have sprung up with a mission to improve this side of financial access for thousands of Africans, regardless of income level or financial knowledge. A similar startup in Nigeria, Bamboo, in 2022 raised $15 million in a Series A funding round led by American venture capital firms Greycroft and Tiger Global.
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