FundedByMe has received approval to become the first regulated crowdfunding platform in the United Arab Emirates.
The company is being regulated by the Dubai Financial Services Authority and will be a Dubai International Finance Centre incorporated equity crowdfunding platform. This move will also mark FundedByMe’s launch into the MENA region.
An in-principle license has been given to the FinTech company and is conditional to the setup of the local entity. Operations in the UAE will begin int early 2019.
The FundedByMe MENA unique offering will provide early stage and growth companies across the technology and finance sectors. This solution will offer early deal-flow access to high-potential asset classes which were previously unavailable to individuals or retail investors.
Sweden-based FundedByMe is an equity crowdfunding platform which helps SMEs receive funds from all over the world. The company has more than 250,000 global registered investors and has helped over 500 businesses raise a combined $56m in equity.
FundedByMe MENA CEO Samer Toukan said, “We are delighted to be the first equity crowdfunding platform to be fully incorporated in the UAE. We bring to the UAE and the wider MENA region a true growth enabler, supporting the DIFC and Dubai initiatives to unleash SME potential through alternative funding. Central to our offering is FundedByMe proven operational excellence and our commitment to full transparency for both our investors and entrepreneurs.”
Earlier in the week, the European Crowdfunding Network wrote an open letter to the European Council for an EU-wide crowdfunding regulation. The group is hoping for a system like this to be implemented to better support the smaller companies in the sector and promote crowdfunding as an alternative to financing.
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