Dubai International Financial Centre (DIFC)-based fintech firm TWIG Solutions has received an innovation testing licence (ITL) from the Dubai Financial Services Authority (DFSA).
The ITL will enable TWIG to test and develop its products and services.
In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding $1m (£800,000, €910,000), backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and Middle East-based angel investors.
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 easily plan, track, save and achieve their financial goals. The platform integrates with existing bank accounts to make the user experience seamless. Additionally, TWIG is collaborating with businesses to embed its innovative personal finance solution into their customer journeys across the globe.
Chafic Idriss, chief executive 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.”