UAE consumer fintech company Sav announced that it had raised $3.5 million in a pre-Series A funding round led by Phoenix Venture Partners (PVP), with participation from co-investors from the Phoenix Venture Partners Innovation Fund (PVPIF) investor base. The round brings the company's total funding raised since its founding to approximately $6 million, following previous rounds totaling nearly $2.5 million.
A Unified Platform for Managing Personal Finances
Sav was founded in 2022 by Purvi Munot and Mithil Ajmera. It offers an AI-powered personal money management platform based on open finance infrastructure. The platform allows users to consolidate and manage their financial accounts in one place, including savings, investments, credit, payments, and other financial products.
The company says its proprietary infrastructure, called SavCore, aims to automate key financial decisions within a single ecosystem. The platform also combines savings, investments, gold, payments, and commerce, and operates in the UAE under a Category 4 license issued by the Dubai Financial Services Authority (DFSA).
Saudi Arabia Leads the Expansion Plan
The funding will primarily be used to support Sav's expansion into Saudi Arabia, alongside accelerating product development, strengthening its AI infrastructure, and increasing user acquisition across the Gulf Cooperation Council countries. The announcement did not specify when operations would begin in the Saudi market or which products would be available there.
The company says its current revenue is diversified and includes interchange fee income, wealth management fees, commerce commissions, and subscriptions. However, the source did not disclose user numbers, revenue figures, or the company's valuation, so its commercial growth cannot be measured precisely.
What Matters About This Round?
The round places Sav on a different path from fintech companies focused solely on payments, as it aims to build a consumer layer that combines savings, investment, and credit management in a single experience. According to PVP's investment thesis, this reflects a bet on products built on top of payments infrastructure, such as lending, insurance, wealth management, and embedded finance.
In practice, the announced change centers on expanding an existing platform into a new Gulf market, rather than launching an independent product or announcing a specific operating partnership. The funding gives the company greater capacity to develop SavCore and reach new users, but the success of the expansion will remain tied to the requirements of the Saudi market and regulations governing financial products and data—areas about which the announcement provided no details.
Investors' and the Company's Position
Steve Khayat, PVP's founder and chief executive officer, said the company believes the next phase of Gulf fintech will move beyond payments toward services built on top of them. Faris Al-Obaid, co-founder and managing director at PVP, said the next transformation could involve AI-powered money management, adding that Sav is focused on building wealth rather than financing consumption alone.
For her part, Purvi Munot, co-founder and chief executive officer of Sav, said the investment would accelerate the company's expansion in Saudi Arabia and deepen its AI capabilities. These statements present the views of the investors and the company and, on their own, do not establish operational results or broad adoption of the platform.