Egypt’s Bokra secures $4.6 million pre-seed funding to enhance wealth management services

Bokra, an innovative financial technology enterprise based in Egypt, has successfully secured a substantial amount of $4.6 million during its pre-seed funding phase. This notable financial injection is primarily aimed at initiating the formal launch of the Bokra mobile application, enhancing the spectrum of investment vehicles on offer, and further broadening the company’s operational footprint throughout various locales within the Middle East and North Africa (MENA) region.

Two prominent investment bodies, DisrupTech Ventures and SS Capital, have played a pivotal role in leading this round of funding, with additional contributions from several other investors whose identities have not been disclosed.

The significance of this financial venture lies in Bokra’s ambitious goal to remodel and modernize the wealth management domain across the MENA territory, by being at the vanguard and introducing a revolutionary platform. This platform is distinct in providing investment and savings solutions that are meticulously tailored to align with individual financial goals. These solutions will be anchored and secured through asset-backed securities, positioning Bokra as a trailblazer in its field.

Bokra was established in the year 2023 by entrepreneur Ayman El-Sawy and has since cast a wide net catering to diverse financial aspirations. The company plays a critical role in enabling investors, both retail and from small to medium-sized enterprises (SMEs), to channel their capital into various asset categories effectively and effortlessly.

Furthermore, Bokra is strategically positioned to tackle numerous obstacles that both retail customers and SMEs frequently encounter within the wealth management landscape. Among the challenges that Bokra is set to address are the dearth of tailored, individualistic investment planning, the cumbersome task of navigating through a myriad of apps when managing investments in different types of assets, non-transparent fee structures that often perplex and discourage investors, and the typically prohibitive costs of investing in tangible assets.

Separately, another Egypt-based tech company, Bluworks, has also accomplished a significant milestone by garnering $1 million in its pre-seed funding round. The company’s assertive objective with the funds is to refine and automate the management processes of workforces, fostering enhanced operational efficiencies.

Utilizing the newly acquired funds, the Bokra app is poised to bring a significant shift in how individuals and small to medium-sized enterprises (SMEs) approach financial planning and investment. By leveraging the power of this investment, Bokra intends to offer a highly personalized and well-aligned financial planning service that spans various asset classes.

It aims to empower its users by providing them access to and management of their wealth through fractional ownership, allowing them to own portions of a wide array of investment products. This approach can democratize access to wealth-building opportunities that were previously available only to investors with significant capital.

The introduction of fractional ownership as a concept within the Bokra app’s framework is a strategic move that will enable users to buy into high-value products at a fraction of the entire cost, thereby removing financial barriers and expanding investment possibilities to a broader audience. This model of ownership is particularly enticing as it opens up avenues for investing in assets that would typically require substantial upfront capital, making it far more accessible for retail investors and SMEs to diversify their portfolios.

Ayman El-Sawy, the founder of Bokra, conveyed the fintech firm’s deep-rooted dedication to not only foster financial inclusion but also to enhance investment literacy throughout the MENA region. El-Sawy’s vision for Bokra is clear – it aims to stand out as the investment platform of choice for individuals and SMEs alike, who are eager to broaden their investment horizons.

The pivotal goal is to offer a fractional ownership portfolio that is straightforward, transparent, and laden with insightful information to assist users in making well-informed investment decisions. Through Bokra’s offering, El-Sawy anticipates establishing a user-friendly platform where diversification and financial empowerment go hand in hand.

Mohamed Okasha, co-founder and managing partner at DisrupTech Ventures, shared his enthusiasm for the potential seen in Bokra’s recent funding achievement. He articulated that the timing of the Bokra app’s market entry couldn’t be more opportune, especially given the soaring demand for alternative forms of investment. Okasha highlighted the particularly strong interest in diverse investment solutions, which has been fueled by the notable returns they can offer.

Backing this point, a statistical report released by Statista in 2021 shed light on financial inclusion in the MENA region, revealing a significant proportion of the population without access to traditional banking services. In Morocco and Egypt, approximately 71% and 67% of the population, respectively, were reported to be unbanked, indicating a considerable gap in financial services.

Okasha recognized the gravity of the situation in Egypt, where two-thirds of the population lack access to banking services. He expressed a robust endorsement of Bokra’s pursuit to reform the industry landscape by introducing the first-of-its-kind goal-oriented and asset-backed securities products. Such an initiative, he believes, is an important step towards financial disruption that could greatly benefit the unbanked demographic.

Furthermore, Okasha commended the strategic utilization of innovative investment tools by Bokra, a move he believes could have a transformative effect not just on wealth management but on the financial well-being of millions of Egyptians. Coupling these instruments with what he describes as Bokra’s top-tier management team, Okasha expressed confidence in Bokra’s potential to make a profound and positive impact on individual investors and the economy at large.