Egyptian fintech startup Bokra has achieved a significant milestone by securing an essential operating license from the Financial Regulatory Authority (FRA) of Egypt. This approval is a pivotal advancement for Bokra, which operates as a Sharia-compliant investment platform. The license comes approximately one year after the company successfully raised $4.6 million in a pre-seed funding round, reflecting its rapid progress towards expanding investment access within the region.
The FRA’s decision to grant this license aligns with its commitment to fostering financial technology and promoting financial inclusion across Egypt. With this license, Bokra is now authorized to utilize financial technology in its operations, which includes critical functionalities such as electronic customer identification, digital contracting for non-banking financial products, and the electronic management of records.
Ayman Al-Sawy, the Founder and CEO of Bokra, expressed his enthusiasm regarding the approval, describing it as the “starting point for the company’s strong market presence.” He emphasized that the Bokra app will provide investment services that leverage cutting-edge technologies, with the goal of assisting clients in achieving their financial objectives securely.
“The Bokra app offers a range of investment services and solutions powered by the latest advanced technologies. By combining a comprehensive set of licenses that the company has obtained with the extensive experience of our team, we aim to help our clients achieve their goals in a safe and seamless manner,” Mr. Al-Sawy stated.
In addition to focusing on financial returns, Bokra is dedicated to enabling users to articulate their financial objectives and access investment products specifically designed to safeguard their savings against inflation over both the medium and long term. The platform also aims to direct investments towards local projects, thereby bolstering the Egyptian economy and promoting sustainable development.
The pre-seed funding round from the previous year, which was led by DisrupTech Ventures and SS Capital, is being utilized to launch the Bokra app, broaden its investment offerings, and facilitate its expansion throughout the Middle East and North Africa (MENA) region.
Investors have cited several compelling reasons for supporting this emerging fintech company. Mohamed Okasha, founder and managing partner at DisrupTech Ventures, highlighted the “growing demand for alternative investment solutions” and praised Bokra’s “innovative use of investment instruments.” He also underscored the strength of the company’s management team, which Mr. Al-Sawy claims possesses a combined experience of 120 years in fintech and the non-banking financial sector.
Mr. Al-Sawy further articulated Bokra’s mission to “democratize wealth management” and empower both retail investors and small to medium-sized enterprises (SMEs). This vision aligns with the broader goal of enhancing financial inclusion in Egypt, where a significant segment of the population remains unbanked. Mr. Okasha noted that Bokra’s initiatives to raise investment awareness could potentially engage the 67 percent of the population that currently operates outside the formal banking system.
Samer Sallam, Chairman of SS Capital, emphasized the “scalability and growth potential” of Bokra’s plans for geographic expansion across the MENA region. He also acknowledged the “transformative potential” of the company’s focus on empowering youth through its financial products.
Founded in 2023, Bokra operates on a model that provides personalized and balanced financial and investment planning based on asset-backed securities. The platform facilitates fractional ownership of a diverse range of assets and employs a comprehensive questionnaire to align users with portfolios that match their risk tolerance and financial goals. Features such as scenario analysis and dashboard tracking are designed to equip users with the tools necessary to monitor their investment progress.
Bokra recognizes several key challenges faced by retail and SME investors, including the absence of personalized investment planning, fragmented access to various asset classes, unclear fee structures, and difficulties in investing in high-value physical assets. The platform aims to address these challenges through its innovative digital offerings.
The FRA’s approval represents a critical milestone for Bokra as it seeks to capitalize on the increasing demand for accessible and Sharia-compliant investment solutions in Egypt and the broader MENA region. The company’s progress will be closely monitored as it navigates the competitive fintech landscape and strives to fulfill its ambitious objectives of enhancing financial inclusion and democratizing wealth management.
