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Home-grown fintech closer to gaining UAE licence
Sav receives in-principle approval for category 4 licence
Purvi Munot CEO and Co-Founder Mithil Ajmera COO and Co-Founder of Sav
Sav, a UAE-born fintech, received an in-principle approval for a Category 4 licence from the Dubai Financial Services Authority (DFSA). This key milestone will enable Sav to provide consumers with regulated services upon the issuance of the full DFSA licence, reinforcing its vision to be the ultimate money companion for the mass affluent.
“We are delighted to receive this in-principle approval,” said Purvi Munot, CEO of Sav. “Many of the UAE’s mass-affluent grapple with fragmented finances spread across multiple platforms, leading to unnecessary complexities and delays in decision-making. This endorsement empowers us to streamline and innovate, bringing all financial solutions under one roof, enhancing how users interact with their money. Our mission at Sav is to serve as the ladder to wealth, helping consumers get rid of snowballing debt and fostering financial cognizance and responsible consumption.”
When the in-principle approval conditions are met, Sav will receive the DFSA licence of the category 4 with the following financial services:
1.arranging money services,
2.advising on and arranging deals in investments, and,
3.advising on and arranging deals in credit.
Currently, Sav’s platform allows users to seamlessly manage their finances alongside a rewarding prepaid card. Upon receiving the DFSA licence, Sav will be able to expand its offerings to include investments, money services, and debt management.
“We’re committed to building a sustainable business that consistently adds value for our users and stakeholders. We’re laser-focused on execution and resolute in our goal to create a world-class, well-governed, global fintech,” says Mithil Ajmera, co-founder and COO at Sav.
Sav has been at the forefront of promoting financial literacy and AI-led intelligence to personal finances. Recently, Sav was recognized as one of the top-10 women-led AI companies in MENA by Google and has received backing from Sanabil, 500 Startups in KSA. Sav is also a proud alumni of the Mohammed Bin Rashid Innovation Fund (MBRIF), backed by the Ministry of Finance.
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