UAE-based fintech startup Mafhoom Technologies has closed a Pre-Seed investment round worth US$1.36 million led by Wafra II Investment, and with the participation of a number of angel investors, as per a company announcement  .
The amount will be utilized to further develop the behavioral and predictive analysis capabilities of the platform based on artificial intelligence techniques.
The startup also aims to expand its business to Saudi Arabia.
Mafhoom Technologies was founded in the Dubai International Financial Center (DIFC) in 2022.
The app, which is compatible with both iOS and Android devices, provides a number of features to optimize spending habits, lower expenses, minimize debt, improve financial literacy, and meet savings and investment goals.