Sav secures DFSA license approval to expand financial services

Sav, a UAE-based fintech startup, has achieved a significant milestone by securing in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA). This approval is a critical step toward enabling Sav to offer regulated financial services to consumers, broadening its role as a key player in the UAE's fintech landscape.

The DFSA's approval will allow Sav to enhance its existing offerings, which currently include a platform for managing finances and a rewarding prepaid card. Upon meeting the conditions for the full DFSA license, Sav plans to expand its services to encompass investments, money services, and debt management, positioning itself as a comprehensive financial companion for the UAE's mass-affluent segment.

Sav's CEO, Purvi Munot, expressed enthusiasm about the approval, highlighting the company's mission to simplify financial management for its users. She emphasized that many of the UAE’s mass-affluent population face challenges in managing fragmented finances across multiple platforms. Sav aims to address these issues by consolidating financial solutions under one platform, promoting financial literacy, and fostering responsible consumption.

Co-founder and COO Mithil Ajmera reinforced the company's commitment to building a sustainable, well-governed global fintech. Ajmera noted that the DFSA license would enable Sav to deliver even greater value to its users and stakeholders, enhancing its platform with additional features that align with the company’s vision of financial empowerment.

Sav has been recognized for its innovative approach, particularly in promoting financial literacy through AI-driven tools. The company has also received backing from prominent investors, including Sanabil and 500 Startups in Saudi Arabia, and has been acknowledged as one of the top women-led AI companies in the MENA region by Google.

As Sav moves forward with its expansion plans, the company is poised to play a pivotal role in the UAE's fintech ecosystem, offering cutting-edge solutions to meet the evolving needs of consumers in the region.