A fintech start-up called Baraka, which received authorisation from the Dubai Financial Services Authority (DFSA) in June, has rolled out its mobile investment app.
It provides free and direct access to over 5,000 US-listed securities–including stocks and ETFs- and fractional shares with no minimum investment requirements.
Described as ‘commission free’, the app is available to residents and citizens of the UAE, Saudi Arabia, Bahrain, Oman and Kuwait.
A recent fundraising exercise pulled in an addition $4m (£2.9m, €3.4m), on top of the initial $1m raised during the pre-seed round.
The money will be used to enhance product features and expand its user base across the wider Middle East and North Africa region.
Learn and earn
Investors have access to a ‘simplified’ dashboard where they can monitor and track their portfolio, a content hub that includes Baraka’s daily market news, and an investment academy for users to build and test their knowledge.
For more savvy investors, the app offers a paid tier that includes access to equity research from its industry partner Refinitiv.
Retail investor insight
Feras Jalbout, founder & chief executive of Baraka, said: “Since we opened our waitlist in March, more than 10,000 users from across the Middle East have subscribed to be among the first to experience the Baraka app.
“This hasn’t just validated what we’re building, it’s shown us that there is a genuine need for a platform that offers regional retail investors insights and access to international markets.
“The feedback we received during the beta testing phase has been invaluable in helping us fine-tune the platform to meet user needs, and we can’t wait for people to finally begin their investment journey now that the app is live.”
