DIFC-based TWIG Launches Region’s First Automated Savings Platform after securing Seven-Digit Investment and DFSA Approval
- TWIG, based out of Dubai International Financial Centre (DIFC), launches its highly anticipated and innovative savings platform that allows individuals to automate their savings for improved financial wellness.
- TWIG raises a seven-digit pre-seed round, exceeding USD 1 Million – from VCs, family offices and all-star angels.
- TWIG granted Innovation Testing Licence from the Dubai Financial Services Authority
Dubai, UAE;10 May 2023: TWIG Solutions Ltd (“TWIG”), a financial technology start-up based out of Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has received an Innovation Testing Licence (ITL) from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC. The ITL enables TWIG to test and develop their products and services in a controlled regulatory environment.
“Obtaining an Innovation Testing Licence is a major milestone for TWIG, and we are grateful to be part of DIFC’s leading ecosystem that is paving the way for the future of finance,” said Chafic Idriss, CEO of TWIG.
Mohammed Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, commented: “DIFC remains at the forefront of growing its ecosystem for FinTech and Innovation firms to thrive and grow as we collectively drive transformation and shape the future of finance. We are thrilled to welcome TWIG as they join us to further expand their business here in Dubai and beyond.”
In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding USD 1 million, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and some of the region’s most renowned angel investors, all of whom quickly recognised the potential of TWIG’s platform to revolutionise the way consumers save and manage their finances. The funding will be used to support the company’s ongoing expansion efforts and accelerate the growth of its savings platform in promoting financial wellness across the region.
“We are thrilled to have the support of these experienced investors as we continue to grow and expand our business,” added Idriss. “Our platform has already demonstrated its ability to make saving easy, automated and accessible for everyone; and with this new funding, we can further accelerate our growth and bring our solution to more consumers around the Middle East and North Africa region.”
TWIG officially launched its transformative platform, bringing a new level of convenience and intelligence to personal finance management. With TWIG, individuals can easily plan, track, save and achieve their financial goals. The platform integrates with existing bank accounts to make the user experience seamless. Additionally, TWIG is collaborating with businesses to embed its innovative personal finance solution into their customer journeys across the globe. This approach to personal finance is set to revolutionise the industry and make managing finances simpler than ever before.
Download TWIG’s smart automated savings platform from the App Store and Google Play Store or email email@example.com to embed the region’s best personal finance solution in any consumer-facing platform.
TWIG is a personal finance management application that empowers individuals to take control of their financial decisions. TWIG promotes financial wellbeing by providing users with essential tools such as automated savings, goal setting, smart budget tracking, personalized data-driven insights, and tailored financial education modules. By advocating healthy financial habits, TWIG contributes to a more financially savvy and secure community.
The company is founded by Chafic Idriss, Karam El Dik and Rayan Antonios and its current investors include a venture capital firm, institutional investors, global family offices, leading senior executives from the Financial Services industry, and some of the region’s most reputable angel investors.
Social Media handles: @twigfinance
- LinkedIn: https://www.linkedin.com/company/twigfinance
- Instagram: https://www.instagram.com/twigfinance
- Facebook: https://www.facebook.com/twigfinance
- Twitter: https://www.twitter.com/TwigFinance
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.