Bokra, A Promising FinTech Startup in MENA Closes Pre-Seed Funding Round
Bokra, an emerging leader in the field of financial technology in the Middle East and North Africa, has announced the successful closure of its pre-seed funding round, raising an impressive $4.6 million. Located in the heart of Cairo, the company has attracted the attention and support of major investors such as DisrupTech Ventures and SS Capital, along with a group of other investors.
Founded in 2023 by Ayman El-Sawy, who has over 21 years of extensive and distinguished experience in non-banking financial services and debt instruments in the Egyptian capital market, Bokra aims to achieve investment financial goals for individuals and small to medium-sized enterprises by providing investment products backed by high-quality assets.
Future Expansions and Launch of a New App
The funds from this financing round are set to be used in several developmental pathways including enhancing the expansion of investment products and developing the company’s technological infrastructure. Bokra also plans to allocate part of the funding to launch its flagship application named after the company, “Bokra.” Expected to be launched in the second quarter of 2024, the app will provide a simple platform that enables investors to trade effectively by setting risk levels and investment amounts. The app also features a “scenario playing” function that allows investors to measure the annual return on their investments and regularly track and monitor their financial goals.
Leadership Statements and Investor Insights
Commenting on the funding round, Ayman El-Sawy expressed optimism about the company’s future, stating, “From the first day of our operations, our vision has been to empower investors to make direct investments and benefit from the exceptional returns of investment tools backed by high-credit quality assets. We are confident that we will radically change the structure of financial and investment products to meet our investors’ needs.”
Mohamed Akasha, founder and managing partner at DisrupTech Ventures, expressed his pleasure with the round’s success and emphasized the perfect timing of Bokra’s launch, noting the increasing demand for alternative investment solutions. He added, “Considering that 67% of the population in Egypt do not have bank accounts, we strongly support Bokra’s mission to radically transform the industry by offering the first goal-based, asset-backed securities products.”
Samer Salam, Chairman of SS Capital, discussed the strategic partnership with Bokra and pointed out that this collaboration would enable the company to offer innovative investment products to individuals and businesses in the region. He expressed enthusiasm about witnessing Bokra’s growth and success journey.
With these ambitious steps, Bokra aims to enhance its position as a leader in the financial technology field in the region, contributing to raising investment awareness, promoting the culture of investment, and thus achieving financial inclusion in the Middle East and North Africa.
