PALM, an Egyptian platform that helps people save money for specific goals, has raised a new round of funding.
This early funding round (Pre-Seed) brought in a 7-digit amount and was led by 4DX Ventures, with support from Plus VC and other international angel investors.
Palm plans to use the new funding to make its current products better and grow its business in Egypt. It’s also thinking about expanding to other countries in the Mediterranean region in the future.
Palm helps users save money for specific goals, such as education, healthcare, travel, and marriage.
It allows people to spread their savings across different types of investments, such as fixed income (like bonds), stocks, and precious metals.
Palm also works with business partners to offer discounts, helping users spend less and stay committed to their saving goals.
Palm was founded by Mazen Al-Kardani, who previously worked in investment management and asset management.
He co-founded the company with Ahmed Ashour, who has experience in financial technology at prominent companies such as Amazon and Goldman Sachs.
Mazen Al-Kardani, co-founder and CEO, stated that the new funding will enable Palm to enhance its services, attract more users, and foster stronger partnerships.
He also said the company wants to make saving money easier for people, matching their personal goals and financial abilities.
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