Tharwa Becomes First UAE Fintech Platform to Surpass $1 Billion in Assets

Milestone Achievement for Tharwa

Tharwa, one of the prominent personal finance and investment platforms in the Gulf Cooperation Council (GCC) region, has announced that its user assets have exceeded $1 billion. This achievement makes Tharwa the first local fintech platform in the UAE to reach this significant milestone, reflecting the growing demand for personal investment solutions in the region.

The platform’s journey began in 2017 when it participated in the first fintech accelerator program launched by the Dubai International Financial Centre (DIFC). At that time, Tharwa received the first innovation testing license from the Dubai Financial Services Authority (DFSA), supported by the DIFC FinTech Fund. This early involvement positioned Tharwa as a key player in shaping the fintech landscape in the region.

The success of Tharwa not only highlights the resilience of the UAE’s economic infrastructure but also underscores the increasing financial literacy among its population. The achievement demonstrates the growing role of individual investors in shaping the future of the financial ecosystem in the region.

Leadership Insights on Growth

Mark Shahwan, co-founder and CEO of Tharwa, emphasized the initial skepticism surrounding personal investing in the Middle East and North Africa (MENA) region. He noted that many believed the cultural maturity for such investments was lacking. However, the surpassing of $1 billion in client assets proves otherwise. Shahwan stated, “The demand has always been there; we just needed to provide trust, accessibility, and a user-friendly product designed by an experienced team.”

Jad Saigh, co-founder and CTO of Tharwa, remarked on the significance of this achievement for their clients, highlighting their ability to grow through smart investment management. He noted that the speed of reaching this milestone reflects how quickly momentum can build once individuals start investing.

Support from DIFC and Financial Ecosystem

Mohammed Al Blooshi, CEO of the Innovation Hub at DIFC, reiterated the center’s commitment to fostering a nurturing environment for innovative fintech companies like Tharwa. He pointed out that as one of the early participants in the DIFC’s FinTech Hive accelerator program, Tharwa benefited from a platform designed to accelerate growth, backed by a regulatory sandbox provided by the DFSA and the DIFC FinTech Fund.

The growth of Tharwa’s user assets to over $1 billion underscores both the strength of Tharwa’s strategy and DIFC’s position as one of the top five global fintech hubs. This environment enables startups to expand across the UAE and the wider region, contributing to the future of investment.

The fintech sector in the GCC continues to grow rapidly, with projections estimating a compound annual growth rate of 15% until 2030. As digital technologies gain traction and investor behaviors evolve, Tharwa emerges as a significant player bridging the gap between individual investors and sophisticated institutional infrastructure.

Frequently Asked Questions

What is Tharwa?

Tharwa is a personal finance and investment platform based in the UAE, focused on enhancing individual investment opportunities.

When did Tharwa launch?

Tharwa launched in 2017 as part of the DIFC’s fintech accelerator program.

What milestone did Tharwa recently achieve?

Tharwa recently surpassed $1 billion in user assets, making it the first local fintech platform in the UAE to do so.

How does Tharwa support individual investors?

Tharwa provides accessible investment solutions and a user-friendly platform designed to meet the needs of individual investors.

What role does DIFC play in Tharwa’s growth?

DIFC provides a supportive regulatory environment and resources through its fintech accelerator program, aiding Tharwa’s development and expansion.