TWIG Solutions (TWIG), a financial technology startup based out of Dubai International Financial Centre (DIFC), has received an Innovation Testing License (ITL) from the Dubai Financial Services Authority (DFSA).
The ITL enables TWIG to test and develop their products and services in a controlled regulatory environment.
In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding US$1 million, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and angel investors.
TWIG said that the funding will be used to support the company’s ongoing expansion efforts and accelerate the growth of its savings platform in promoting financial wellness across the region.
With TWIG, individuals can plan, track, save and achieve their financial goals. The platform also integrates with existing bank accounts. Additionally, TWIG is collaborating with businesses to embed its innovative personal finance solution into their customer journeys across the globe.
Chafic Idriss, CEO of TWIG said,
“Obtaining an Innovation Testing Licence is a major milestone for TWIG, and we are grateful to be part of DIFC’s leading ecosystem that is paving the way for the future of finance.
Our platform has already demonstrated its ability to make saving easy, automated and accessible for everyone; and with this new funding, we can further accelerate our growth and bring our solution to more consumers around the Middle East and North Africa region.”
Mohammad Alblooshi, Head of DIFC Innovation Hub and Fintech Hive, commented,
“DIFC remains at the forefront of growing its ecosystem for fintech and innovation firms to thrive and grow as we collectively drive transformation and shape the future of finance.
We are thrilled to welcome TWIG as they join us to further expand their business here in Dubai and beyond.”
Featured image credit: Chafic Idriss, CEO of TWIG