Egyptian fintech startup PALM has officially launched the nation’s first incentivized goal-based investment platform. Following a successful pre-seed funding round led by 4DX Ventures, with participation from Plus VC and global angel investors, PALM has secured its Portfolio Management License from the Financial Regulatory Authority (FRA), enabling it to directly manage investments for retail users.
The PALM platform offers users a personalized and flexible approach to saving and investing, allowing them to set and achieve financial goals such as education, travel, healthcare, marriage, purchasing a car, or buying a home. The app provides competitive daily yields with zero deposit, withdrawal, or transaction fees, and offers Sharia-compliant investment options. Users can choose between locked or flexible plans, and access an exclusive merchant network for discounts and rewards.
Investments are made in regulated products like gold, treasury bills, bonds, and Egyptian equities, with all customer funds securely held in Egyptian banks.
Mazen El-Kerdany, Co-Founder and CEO of PALM, emphasized that obtaining the FRA license is not just a regulatory milestone but a validation of the company’s mission to democratize access to professional investment management. He stated, “For the first time, Egyptians can experience a seamless, goal-based savings journey with institutional-quality portfolio management designed to grow their wealth and improve financial well-being.”
Co-Founder and Chief Business Officer Ahmed Ashour highlighted the challenges many Egyptians face in managing their savings, noting that PALM aims to provide easy, smart, and personal investment solutions previously reserved for the wealthy.
The launch of PALM marks a significant step in reshaping personal financial services in Egypt, offering a faster, smarter savings experience for individuals to manage their money and improve their financial well-being.
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