UAE-based fintech Sav has secured $3.5 million in a Pre-Series A funding round led by Abu Dhabi-based Phoenix Venture Partners, as the company prepares to expand into Saudi Arabia and scale its AI-powered personal finance platform across the GCC.
The round also saw participation from co-investors within the investor base of the Phoenix Venture Partners Innovation Fund. The new financing brings Sav’s total funding raised to approximately $6 million, following around $2.5 million secured in earlier rounds.
Founded in 2022 by Purvi Munot and Mithil Ajmera, Sav is building a consumer financial ecosystem designed to bring multiple aspects of an individual’s financial life into one platform.
Through its AI-powered infrastructure, SavCore, the company enables users to aggregate financial accounts while managing savings, investments, credit, payments and other financial products. Its broader ecosystem also incorporates areas including gold and commerce.
Sav currently operates in the UAE under a DFSA Category 4 licence and is increasingly looking beyond its home market as it targets opportunities across the GCC.
Saudi Arabia Becomes the Next Growth Market
A significant portion of the new capital will be directed towards Sav’s entry into Saudi Arabia, which the company sees as a major strategic market.
The funding will also support further product development, expansion of Sav’s AI infrastructure and customer acquisition across the GCC.
Sav is positioning itself around a broader shift in regional fintech: moving beyond payments and transaction infrastructure towards platforms that help consumers actively manage and grow their wealth.
The company generates revenue across several streams, including interchange income, wealth management fees, commerce commissions and subscriptions.
For Phoenix Venture Partners, the investment reflects a similar thesis around the next stage of the GCC’s fintech evolution.
The Abu Dhabi-based investor believes much of the region’s next wave of financial innovation will be built on top of the payment infrastructure established over the past decade, particularly across wealth management, lending, insurance and embedded finance.
Sav CEO and co-founder Purvi Munot said the partnership would help accelerate the company’s Saudi expansion while strengthening its AI capabilities.
With fresh capital behind it, Sav is now aiming to establish itself as an AI-first financial platform for a new generation of consumers managing increasingly complex financial lives across multiple products — and, increasingly, multiple markets.
