ⓘ Featured image: Feras Jelbout (L), CEO; and Kunal Taneja, CTO of baraka
- The Mobile app will provide access to over 4,000 US-listed securities, including stocks, Exchange Traded Funds (ETFs) and fractional shares
- The Funding round was led by Class 5 Global, with participation from FJ Labs, IMO Ventures, The Community Fund, VentureSouq and private investment from Dr. Abdulla Elyas, Co-founder of Careem
- Other platform features include bite-sized daily market newsletter, in-app messenger and gamified investment quizzes
baraka, a UAE-based fintech start-up on a mission to educate, enable and empower millennials, introduced its proprietary commission-free mobile trading platform by launching its waitlist and free stock giveaway today. The secure and user-friendly app is aiming to officially launch in the second quarter of 2021, subject to regulatory approval.
Once available for download, the app will provide access to over 4,000 US listed securities, including stocks, Exchange Traded Funds (ETFs) and fractional shares. Users will gain free access to the mobile trading app, as well as the option of a paid tier offering stock analysis, with no minimum investment requirements.
Speaking of the developments, Feras Jalbout, Founder & CEO of baraka, in a statement said,
“The retail investor revolution is no longer on the horizon – it’s already begun. Young investors in the Middle East are becoming more conscious about the companies and causes they want to support. Whether it’s backing organisations that prioritise diversity and inclusion, seeking sustainable investment options, or just helping their favourite brands to grow, millennials want a say in where their money is going. So, we created a platform that would allow them to do that, while addressing their two biggest challenges – limited access to US listed stocks, and a lack of understanding around how they work.”
In July 2020, baraka first launched its finance-themed newsletter, ‘akhbaraka’, a clever play on the company’s name and the Arabic word for ‘news’ to increase investor knowledge. These bite-sized daily market newsletters are delivered straight to thousands of subscribers’ inboxes, combining engaging illustrations with digestible local and international stories, which will soon also be found in the baraka app. In addition, baraka users will be able to engage through an in-app messenger and test their knowledge through gamified investment quizzes.
Kunal Taneja, Co-Founder & CTO of baraka said,
“Building the baraka platform wasn’t just about opening a gateway to investment opportunities – that was a major part of it – but we wanted to make sure that we were offering a secure, social and enjoyable experience along the way. We’ve designed the app based on what young investors are actively seeking, and user feedback will play a huge role in the features we continue to add post-launch.”
The latest development comes following the company’s pre-seed capital raise of $1 million led by Class 5 Global, with participation from FJ Labs, IMO Ventures, The Community Fund, VentureSouq and private investment from Dr. Abdulla Elyas, Co-Founder of Careem.
Joel Ayala, Co-Founder and Managing Partner of Class 5 Global, commented,
“MENA has one of the youngest populations and highest rates of smartphone penetration and engagement in the world. However, consumers have limited options when it comes to investing, especially in their favorite US stocks, and the current offerings lack a truly customer-centric approach. baraka is solving this problem by being commission-free, customer obsessive, and a mobile-first platform. We are seeing retail and consumer investing behaviors change dramatically globally and believe baraka is best positioned to take advantage of these tailwinds in the region.”
Tammer Qaddumi, Partner at VentureSouq, said,
“The past 12 months have laid bare both the excitement and the effects of the financial markets. Share price moves of the highest visibility brands seems to be front of mind for everyone. By removing friction for individuals to access stocks, ETFs or fractional shares, we see baraka as a core enabler within a broader trend of decentralisation that is happening across the global economy.”
Calanthia Mei and Lolita Taub, Partners at The Community Fund, commented,
“Investing is an innately social experience. At the Community Fund, we are impressed by baraka’s community-driven approach in empowering retail investors in the Middle East. We believe that baraka will cultivate a community where the next generation of retail investors can learn and trade together.”
Early adopters who want to be among the first to experience the new platform and have the chance to earn free stock are invited to join the waitlist, which is now open on the baraka website.
ⓘ LAFFAZ is not responsible for the content of external sites. Users are required to read and abide by our Terms of Service.
