Fintech startup Sovra has secured more than $2 million in pre-seed funding in a round led by Pharsalus Capital , with participation from a group of prominent regional and global angel investors including Karim Atiyeh, Hisham Al-Falih, Hany Rashwan, and Naguib Sawiris.
Founded by Ahmad Wehbi, Sovra is building a financial platform that allows users to hold digital dollars, earn yield, transfer funds globally, and spend through internationally accepted payment cards—all from a self-custodial account controlled entirely by the user.
Unlike traditional banking platforms, Sovra’s infrastructure is designed so that users maintain direct ownership and access to their funds without relying on intermediaries. The platform utilizes USDC, the dollar-backed stablecoin issued by Circle, enabling users to store and transact in digital dollars while accessing additional services such as global transfers, card payments, and yield-generating opportunities through third-party decentralized finance protocols.
The company was inspired by the collapse of Lebanon’s banking sector in 2019, an event that exposed millions to frozen deposits, currency devaluation, and restricted access to savings. Sovra aims to provide an alternative financial infrastructure for individuals across the Middle East and beyond who seek greater control over their money.
The fresh capital will be used to expand the company’s engineering and product teams ahead of its public launch.
Why It Matters for the Region
More than two-thirds of adults across the Middle East and North Africa remain unbanked or underbanked, while many others face challenges ranging from inflation and currency volatility to costly cross-border transfers. Sovra’s model reflects a growing trend among regional fintech startups leveraging blockchain infrastructure and stablecoins to address these longstanding financial gaps.
The investment also signals increasing investor confidence in the emerging “on-chain finance” sector across MENA. As regulators, financial institutions, and startups continue exploring digital asset infrastructure, platforms like Sovra could play a role in expanding access to dollar-denominated savings and international payments for millions of users across the region.
