Startup

UAE’s Yabi Closes $8 Million Seed Round

Al Wafra Al Thanya (Wafra II) invested $2 million and Shuaa Capital contributed $6 million to the round.

By Inc.Arabia Staff
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Financial literacy startup Yabi by Souqalmal, backed by Dubai-based investment bank Shuaa Capital, wrapped up a $8 million seed round last week, as per an announcement.[1]

Al Wafra Al Thanya (Wafra II) invested $2 million and Shuaa Capital contributed $6 million to the round.

The money raised will be put toward expanding into local markets and developing new products.

In November, Yabi launched its financial literacy program in Saudi Arabia.

Out of 4,000 Yabi users in the UAE surveyed lately, over 50% stated they spent all they made, and 36% acknowledged going over their earnings.

According to the poll, 51% of participants stated they could cover their expenditures for roughly three months without a job, while 43% expressed a complete lack of confidence in their ability to reach their long-term financial objectives.

Additionally, according to the data, 60% of employees reported feeling anxious about their finances, and 73% indicated they would move to a company that put their financial security first.

Yabi by Souqalmal is an app that was released in the UAE in June of this year and provides employees of organizations who have enrolled in the service with structured masterclasses on personal finance.

The masterclasses cover topics including budgeting, asset allocation, investing in cryptocurrencies, how to buy a home, calculating retirement income, and how to invest.

UAE companies that have signed up for Yabi by Souqalmal include Dubai-based super app Careem, Majid Al Futtaim, one of Dubai’s biggest private sector companies and the Middle East’s largest mall operator, Emirates Catering Services, luxury retail group Chalhoub, and Al Ghurair.

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