Baraka Unveils Commission-Free Investment Platform for the UAEby Fintechnews Middle East 11. March 2021
baraka, a UAE-based fintech startup, introduced its proprietary commission-free mobile trading platform following a pre-seed capital raise of USD 1 million.
The secure and user-friendly app is aims to officially launch in the second quarter of 2021, subject to regulatory approval.
Once available for download, the app will provide access to over 4,000 US listed securities, including stocks, Exchange Traded Funds (ETFs) and fractional shares.
Users will gain free access to the mobile trading app, as well as the option of a paid tier offering stock analysis, with no minimum investment requirements.
The funding round was led by Class 5 Global, with participation from FJ Labs, IMO Ventures, The Community Fund, VentureSouq and private investment from Dr. Abdulla Elyas, Co-Founder of Careem.
Feras Jalbout, Founder and Chief Executive Officer of baraka, said:
“Whether it’s backing organisations that prioritise diversity and inclusion, seeking sustainable investment options, or just helping their favourite brands to grow, millennials want a say in where their money is going.
So, we created a platform that would allow them to do that, while addressing their two biggest challenges – limited access to US listed stocks, and a lack of understanding around how they work.”
Kunal Taneja, Co-Founder and Chief Technology Officer at baraka said:
“Building the baraka platform wasn’t just about opening a gateway to investment opportunities – that was a major part of it – but we wanted to make sure that we were offering a secure, social and enjoyable experience along the way.
We’ve designed the app based on what young investors are actively seeking, and user feedback will play a huge role in the features we continue to add post-launch.”
Featured image credit: baraka