Dubai-based Wally (wallyapp.me) has announced its first phase of funding in the amount of $400,000 (approx. AED 1.5 million).
Wally app helps users anywhere in the world keep track of what they spend and the details, and in their own currency.
Wally states on its website that its objective is to make ‘personal finance painless and fun’ by giving a 360-degree view on your finances.
The funding announcement came during the ArabNet Digital Summit in Dubai, where 1,000 online and technology startups and entrepreneurs congregated to discuss on the future of technology and media.
“Securing our first round of funding is an important milestone for the company, and one which will allow us to scale and expand to meet the demands of our global users. This funding will go towards product development and engineering. Our key aim is to create the right product, bringing it closer to a complete personal financial solution, and achieve our next milestone of 1 million active users globally.” — Saeid Hejazi, CEO and cofounder, Wally
Wally Personal finance app has hit 100,000 active users and will be soon releasing an upgrade which introduces planning and budgeting features, allowing users to plan and budget their income and spending.
“This update is more than just a new feature, it marks the next level for Wally. We started with the logical first step: creating the best tool to record expenses in an easy and smart way, and building up to the inevitable release of the income and budgeting feature. The number one requested feature by users is now live, giving them the ability to plan their savings and work towards their personal financial goals.” — Baher al Hakim, cofounder, Wally.
Wally has received incredible reviews from both users and critics alike. Proud of its 5 Star ratings on Apple App Stores from around the world, Wally has also won two start-up competitions; Best Start-Up in the Middle East by ArabNet and Best Start-Up in Dubai by MAKE Business Hub.
Wally app is free to download and is advertisement-free. According to Wally, user privacy is ensured as user-generated data is only saved on the phone. Currently, Wally app is only supported on Apple iPhones.
With Wally’s latest funding news, the middle east region is emerging as a hot spot for technology startups especially in mobile apps.
Omar Christidis; “Wally is exciting because of its potential as a global success story. When we plan our conferences, this is precisely the kind of company we hope to see emerge, getting us that step closer to putting the region on the technology map. I’m excited to see where Wally goes next.” — Omar Christidis, founder, ArabNet
With the Internet showing high growth trends in the Middle East and North Africa region e-commerce recording the fastest growth globally, the Middle East startup and entrepreneurial scene is getting hotter.