Sav Secures $3.5M to Propel Gulf Expansion and Revolutionise Regional Fintech

UAE-based fintech Sav has pulled in $3.5 million in a pre-Series A round, with Abu Dhabi’s Phoenix Venture Partners leading the investment, as the company gears up for a push into Saudi Arabia and broader growth across the GCC. For startups in this region, that kind of move can be a real game changer. I’ve seen plenty of founders in MENA talk about Gulf expansion as if it is straightforward, but well… I mean, it is often a bit of a faff in practice.

Sav was founded in 2022 by Purvi Munot and Mithil Ajmera, and its pitch is fairly clear: bring different parts of a person’s financial life into one place. The platform combines bank accounts, savings, investments, credit, payments and other financial products through an AI-driven setup. At the centre of it sits SavCore, the company’s proprietary infrastructure, which handles automation across savings, investments, gold, payments and commerce.

The startup is already operating in the UAE under a DFSA Category 4 licence, and it has marked Saudi Arabia as a major next stop. That said, this is not just about planting a flag in a new market. The fresh capital is also meant to speed up product development, strengthen its AI tools and help with user acquisition across the Gulf, where fintech competition is getting sharper by the day.

Sav has previously raised roughly $2.5 million, taking its total funding to around $6 million so far. According to the company, its revenues come from a mix of interchange income, wealth management fees, commerce commissions and subscription charges. That diversified model is worth watching, because regional fintechs that rely on only one line of income can hit a wall quite fast.

Munot said the company is going after consumers whose finances are now spread across several products and even several markets, with Sav trying to offer one joined-up picture of saving, spending and wealth management. I reckon that is spot on for a Gulf audience, especially younger professionals who are juggling cards, savings pots, investment apps and cross-border payments all at once.

And believe it or not, that small detail about gold inside the platform says quite a lot too. In this part of the world, gold is not some niche add-on; it carries cultural and financial weight, and startups that understand these habits usually stand a better chnace of landing well with users. For Arageek readers who track where regional fintech is heading next, Sav’s latest raise looks like one to keep on the radar.

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