Egyptian fintech startup Bokra has secured a crucial operating licence from the country’s Financial Regulatory Authority (FRA), marking a significant step for the Sharia-compliant investment platform. The approval comes roughly a year after the company raised $4.6m in a pre-seed funding round, indicating rapid progress in its ambition to broaden access to investment in the region.
The FRA’s decision aligns with its stated policy of supporting financial technology and enhancing financial inclusion within Egypt. The licence allows Bokra to operate its business using financial technology, encompassing key areas such as electronic customer identification, digital contracting for non-banking financial products, and the electronic management of records.
Ayman Al-Sawy, Founder and CEO of Bokra, hailed the approval as the “starting point for the company’s strong market presence.” He stated that the Bokra app will offer investment services leveraging advanced technologies, aiming to help clients achieve their financial goals securely.
“The Bokra app provides investment services and solutions powered by the latest advanced technologies, combining a comprehensive set of licences the company has obtained and the accumulated experience of its team to achieve the company’s clients’ goals in a safe and seamless manner,” Mr Al-Sawy said.
Beyond financial returns, the platform intends to enable users to define their financial objectives and access investment products designed to protect savings from inflation over the medium and long term. Bokra also aims to channel investments towards local projects, thereby supporting the Egyptian economy and fostering sustainable development.
The pre-seed funding round in the previous year, led by DisrupTech Ventures and SS Capital, is being utilised to launch the Bokra app, expand its range of investment offerings, and facilitate its expansion across the Middle East and North Africa (MENA) region.
Investors cited several reasons for backing the nascent fintech firm. Mohamed Okasha, founder and managing partner at DisrupTech Ventures, pointed to the “growing demand for alternative investment solutions” and Bokra’s “innovative use of investment instruments.” He also highlighted the company’s experienced management team, which Mr Al-Sawy claims possesses a combined 120 years of expertise in fintech and the non-banking financial sector.
Mr Al-Sawy also emphasised Bokra’s mission to “democratise wealth management” and empower both retail and small and medium-sized enterprise (SME) investors. This ambition resonates with the goal of increasing financial inclusion in Egypt, where a significant portion of the population remains unbanked. Mr Okasha noted that Bokra’s efforts to raise investment awareness could potentially include the 67 per cent of the population currently outside the formal banking system.
Samer Sallam, Chairman of SS Capital, underscored the “scalability and growth potential” of Bokra’s plans to expand geographically across MENA. He also recognised the “transformative potential” of the company’s focus on empowering youth through its financial products.
Founded in 2023, Bokra operates on a model of offering personalised and balanced financial and investment planning based on asset-backed securities. The platform allows for fractional ownership of diverse assets and employs a comprehensive questionnaire to match users with portfolios aligned with their risk appetite and financial goals. Features such as scenario playing and dashboard tracking aim to provide users with the tools to monitor their progress.
Bokra identifies key challenges faced by retail and SME investors, including a lack of personalised investment planning, fragmented access to different asset classes, opaque fee structures, and difficulties in investing in high-value physical assets — all of which the platform aims to address through its digital offering.
The FRA’s approval marks a critical milestone for Bokra as it seeks to tap into the growing demand for accessible and Sharia-compliant investment solutions in Egypt and the wider MENA region. The company’s progress will be closely watched as it navigates the competitive fintech landscape and strives to achieve its ambitious goals of financial inclusion and democratising wealth management.