Dawul raises $5m to expand Saudi social trading platform in MENA, UK, and US
“Our aim at Dawul is to build a global product with Saudi resources. We always welcome Saudi talent who want to prove themselves in the field of fintech and join our company”.
Dawul has raised $5 million in a seed round aimed at funding the development of the Saudi Arabia-based social trading platform that caters beginner investors.
The fintech firm founded in 2020 by Mansour Al-Harbi provides automated ways to execute trades or follow professional traders and their portfolios and investment strategies.
Dawul holds a permit from the Saudi Capital Market Authority
The investment was led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture and Sukna Ventures. The funds raised will fuel the expand the social trading platform’s product offering and network across the globe, with a focus on the MENA region, the United States, and the United Kingdom.
The $5 million fundraiser is considered one of the largest Seed funding rounds for a fintech company in the Kingdom of Saudi Arabia. The firm acquired a permit from the Saudi Capital Market Authority to conduct financial technology experiments by the end of the same year and was officially launched in July 2021.
Copy trading platforms have grown in popularity as more and more novice investors look to follow professional traders and their portfolios and investment strategies in order to optimize the risk-reward in the capital markets.
Dawul’s ambitious roadmap targets the United States and United Kingdom
Dawul has plans to expand its social trading-related products and its network in the Middle East and North Africa as well as the American and British markets.
Mansour Al-Harbi, Founder and CEO of Dawul, said: “We are excited to move forward with this fund and we expect to be the first choice for traders in the region based on our value, upgrading the investor experience, and improving transparency in the financial sector.
“Our aim at Dawul is to build a global product with Saudi resources. We always welcome Saudi talent who want to prove themselves in the field of fintech and join our company.”
Talal Alasmari, co-founder of RAED Ventures, commented: “There are enormous opportunities behind the concept of social trading which have not yet been applied in the region. We are pleased to be investing in Dawul platform which is the first to introduce this concept to the Saudi market through a safe and transparent platform, and with the support of the Capital Market Authority to raise awareness among investors. We believe in the ability of the Dawul team to expand and serve the whole MENA region.
Mohammed Alnasyan, a senior investment analyst at Impact46, added: “Many initiatives from the public and private sectors are raising awareness of the necessity of investing. With the increasing need for both scientific and practical material to delve into this field, Dawul’s business model covers this gap by enabling experts and knowledgeable people in the investment field to share their experience with beginners. We at Impact46 are betting on the experience of Dawul team led by Mr Mansour Al-Harbi.”
The social trading platform will launch “the Japanese candlestick game” to educate beginners and enrich their knowledge in analysis methods of market volatility and its risks.
In the meantime, Dawul introduced the “investment funds” product, which allows users to view the data of investment funds in the Saudi market, and to see all updates and analyses related to their own preferred funds.