GCC-based fintech Sav has raised $3.5 million in Pre-Series A funding to scale its AI-native financial platform and expand its capabilities across open finance and wealth management. The round was led by Phoenix Venture Partners, with participation from 394H Capital, Vestalia Investments, Majlis Investment Management, 500 Sanabil, KAUST Innovation Ventures, and several family offices and angel investors, bringing the company’s total funding to $5.5 million.
Founded in 2022 by CEO Purvi Munot and COO Mithil Ajmera, Sav targets the roughly 35 million expatriates in the GCC region whose finances are typically scattered across multiple countries, institutions, and currencies. The platform uses AI to analyze a customer’s connected financial accounts, surface personalized insights, and recommend actions across saving, spending, investing, and credit. Sav has expanded from its original card product into money intelligence, public-market investing, and fractional gold and silver offerings, with a credit product currently in development.
The new funding will support the launch of that credit product, expansion across the GCC, and broader global account connectivity over the next year. Sav has grown to more than 100,000 users and recently formed partnerships with Visa and Emirates Gold. Munot said the company sees open finance and AI as tools to unify increasingly fragmented financial lives, while Phoenix Venture Partners’ Steve Khayat cited the founders’ execution focus as a key reason for the investment. Sav operates subsidiaries in the UAE, Saudi Arabia, and India, and is regulated by the Dubai Financial Services Authority.
