UAE-based consumer fintech Sav has raised $3.5 million in a pre-Series A financing round led by Abu Dhabi based Phoenix Venture Partners. The round also included participation from several co-investors drawn from the investor base of Phoenix Venture Partners Innovation Fund. The new funding is expected to accelerate Sav's expansion into Saudi Arabia and strengthen its artificial intelligence capabilities.
Funding and Strategic Backing
The pre-Series A round brings Sav's total funding to approximately $6 million, following roughly $2.5 million raised in previous rounds. Founded in 2022 by Purvi Munot and Mithil Ajmera, Sav operates under a DFSA Category 4 license in the UAE. The capital will primarily support go-to-market expansion in Saudi Arabia, alongside product development, AI infrastructure, and user acquisition across the GCC.
Unified AI-Powered Financial Platform
Sav offers an AI-powered personal finance platform that lets users aggregate and manage their financial accounts, savings, investments, credit, payments, and other products in one ecosystem. Its proprietary AI infrastructure, known as SavCore, automates key financial decisions and supports more informed money management. The platform combines savings, investments, gold, payments, and commerce into a single experience for consumers.
Product Capabilities and Regulatory Standing
Sav's MyMoney product helps users connect their bank accounts and credit cards to receive a consolidated view of income, expenses, and net worth. The company operates through Sav Technologies Limited, registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. Sav is not a bank and works with licensed financial institutions to deliver certain products and services.
Saudi Market Expansion
Saudi Arabia represents a key strategic growth market for Sav as it moves beyond its UAE base. The company intends to use the new funding to enter the Saudi market and broaden its regional user base across the Gulf Cooperation Council. This step aligns with a broader shift in Gulf fintech from standalone financial services to more integrated consumer platforms.
Investor Thesis and Market Evolution
Phoenix Venture Partners views the next phase of GCC fintech as moving beyond payment infrastructure toward lending, insurance, wealth management, and embedded finance. Steve Khayat, founder and chief executive of Phoenix Venture Partners, said Sav is well positioned to benefit from this shift through its AI-first approach to financial wellness. Faris Al-Obaid, co-founder and executive director, added that AI-led money management may define the next major fintech category after buy now, pay later services.
Founder Vision and Revenue Model
Sav's co-founder and chief executive, Purvi Munot, said the platform is designed for a generation that builds wealth across borders while traditional financial systems often fail to see the whole picture. She emphasized the partnership will accelerate the company's entry into Saudi Arabia and deepen its AI capabilities. Sav has recorded early growth through diversified revenue streams, including interchange income, wealth management fees, commerce commissions, and subscriptions.
This $3.5 million pre-Series A round positions Sav to extend its unified financial ecosystem beyond the United Arab Emirates. The company's focus on AI-driven money management reflects rising investor interest in Gulf fintech models that go beyond payments. With total funding now around $6 million, Sav is set to prioritize Saudi market entry, product development, and user acquisition across the region.