Sav, a UAE-based fintech, has secured in-principle approval for a Category 4 licence from the Dubai Financial Services Authority (DFSA).
This will enable the company to expand its offerings and provide regulated financial services, reinforcing its mission to streamline money management for the mass affluent.
At present, Sav’s platform enables users to efficiently manage their finances while benefiting from a rewarding prepaid card. With the DFSA licence on the horizon, Sav also plans to expand its platform to include investment services, money management and debt advisory, alongside its existing prepaid card offering.
Purvi Munot, CEO of Sav, said: “Many of the UAE’s mass-affluent grapple with fragmented finances spread across multiple platforms, leading to unnecessary complexities and delays in decision-making. This endorsement empowers us to streamline and innovate, bringing all financial solutions under one roof, enhancing how users interact with their money.”
Google recently recognised Sav as one of the top 10 women-led AI companies in MENA. The company has also secured backing from Sanabil and 500 Startups in KSA. Its mission is to “serve as the ladder to wealth, helping consumers get rid of snowballing debt and fostering financial cognisance and responsible consumption”.
“We’re committed to building a sustainable business that consistently adds value for our users and stakeholders,” Mithil Ajmera, co-founder and COO at Sav, also added. “We’re laser-focused on execution and resolute in our goal to create a world-class, well-governed, global fintech.”
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