Kuwait Launches First Equity Crowdfunding Platform, iMowazi, Revolutionising Startup Funding

Kuwait has just seen a first for its financial sector, with Mowazi Capital becoming the country’s inaugural registered platform for equity crowdfunding. The new digital service, iMowazi, is officially listed with Kuwait’s Capital Markets Authority as the first fintech provider specialised in securities-based crowdfunding. That’s no small feat, considering the regulatory hurdles and, frankly, how long it can sometimes take to get fresh tech through the door here.

The move comes under the Capital Markets Authority’s recent efforts to structure fintech activity through Book 19 regulations, which came in last year. With this registration, Mowazi Capital – working closely with their strategic partner, the Arab Investment Company (serving as subscription agent) – can now legally connect businesses wanting to raise funds with potential investors, all in a transparent and regulated environment. I have to say, empowering SMEs and entrepreneurs in this way is right up Arageek’s street; I’ve seen too many promising ideas stall because funding was a bit of a faff.

From the horse’s mouth, as it were, Mowazi Capital’s Chairman and CEO, Mohannad Al-Sanea, described iMowazi as “a new product for the market”, designed for companies looking to tap into new pools of investment by selling a chunk of equity. The idea is dead simple: let local businesses pitch their projects to investors who, in turn, can buy into growth stories and – fingers crossed – share in future success. The platform plans to start onboarding business proposals online shortly, but only after they clear all the required checks.

Rae’d Boukhamseen, Vice Chairman at Mowazi, sees it as a proper leap for Kuwait’s private sector. He credits the Capital Markets Authority’s new fintech framework, pointing out the importance of private firms stepping up to build digital channels like iMowazi. With a big slice of Kuwait’s entrepreneurial talent still lacking access to mainstream investors, this might be a real breath of fresh air. To paraphrase him, bringing funders and founders together gives courageous businesses a shot at expanding faster, while boosting liquidity all round. I reckon that’s spot on, especially given how risk-averse the region’s banks can be.

Tech-wise, the platform wants to keep things smooth and speedy. Mohammed Al-Rasheed, the firm’s Assistant Vice-CEO, talked about iMowazi’s focus on transparency and ease-of-use; investors are grouped into three types: individuals, professionals, and what they call “qualified professionals”, each playing to their own strengths and appetite for risk. One nifty touch: investor IDs and information are confirmed electronically through Kuwait’s PACI identity service, slashing paperwork and making the all-important KYC process a doddle. In the age of digital onboarding, it makes sense (though, honestly, one does hope the tech doesn’t glitch at the worst moment – been there myself…).

Payments and settlements, too, are handled through a Central Bank-licensed provider, which should give both entrepreneurs and backers some reassurance, particularly those not used to the Wild West of digital investing.

In a joint closing statement, the leadership at Mowazi expressed their gratitude for the help and professionalism shown by the regulators – and anyone who has wrestled with a government process in Kuwait will know that’s no hollow praise. All told, iMowazi now stands as the first local digital platform enabling equity-based crowdfunding; a milestone that could well energise the Kuwaiti startup scene, if enough people get behind it. On the flip side, only time will tell whether the uptake matches the initial optimism, but for now, it’s a welcome move towards making startup funding in Kuwait a bit less of a headache and a bit more open – something we at Arageek are always chuffed to see.

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