The Middle East technology ecosystem is undergoing a massive transformation with programs like UAE Vision 2031 in the Emirates and Saudi Vision 2030 in the KSA drivingremarkable growth in Saudi Arabia's startup ecosystem, attracting founders eager to benefit from the government's support for entrepreneurship. Onefast-growing startupis Emkan Capital-backed fintech InvestSky.What Is InvestSky Doing In the MENA Area:
Founded in 2021 by Nitish Mittal, a former builder at Noon (the "Amazon of Saudi Arabia"), and Turki Alshaikh of Jada Fund of Funds (a subsidiary of Saudi Arabias Public Investment Fund), InvestSky, through its SEC-regulated partner broker Alpaca Securities, makes investing more accessible through its commission free trading platform with a social ecosytem that activates, educates, and retains customers through engagement with the community. The firm raised $3.4 million in pre-seed funding early this year, and the Dubai Financial Services Authority regulates it.
In the past two years, there has been a remarkable shift, and it feels as though everything is progressing simultaneously, with a collective effort to build and grow, founder and CEO Nitish Mittal said in an exclusive interview with Benzinga. This region is experiencing a surge in entrepreneurial activity with massive support from the Leaders.Fractional Investing And No Commissions:
InvestSky users can buy fractional shares of over 5,000 stocks and ETFs for as low as $1, commission-free. A paid premium package offers a Bloomberg-like experience, with social features such as viewing other users holdings and risk profiles that bolster engagement and learning. Onboarding is quick, and the premium plans will include fee-free extended hours of trading, advanced order types, premium data and news, and dividend reinvestment.
Onboarding can be done in as little as 2 or 3 minutes, Mittal noted, adding that the mobile sign-up journey is divided into personal questions and document verification as required by the regulatory bodies.
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While retail investors currently dominate the Saudi Arabia market, participation is only around 25%, which is lower than in other markets.InvestSky aims to onboard more of the regions investors,65% of whomare under 30 years old and socially inclined.
"We aspire to become the ultimate destination for retail investors, and our growth strategy revolves around expanding our assets and enhancing the social elements of our platform, ensuring we become an integral part of our users' daily routines, stated Mittal. "By catering to the preferences of these young and diverse investors, we are determined to leverage the future growth prospects of the region's capital markets."
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Photo: Courtesy of InvestSky