Egypt’s first incentivized goal-based investment platform, PALM, has officially launched after closing a pre-seed funding round and obtaining its Portfolio Management License from the Financial Regulatory Authority (FRA). The new app, now available on app stores, aims to provide a smart solution for individuals to save, grow, and access their money with a high degree of personalization and flexibility.
Key Highlights
The launch marks a significant new entry into Egypt’s fintech landscape:
- First in Egypt: The country’s first incentivized, goal-based investment platform.
- FRA Licensed: The company has obtained a Portfolio Management License from the Financial Regulatory Authority, enabling it to directly manage investments for retail users.
- Pre-Seed Funding: The launch follows a pre-seed round led by 4DX Ventures, with participation from Plus VC and a group of global angel investors.
- Key Features: The app offers daily competitive yields, zero deposit, withdrawal, and transaction fees, and merchant-linked saving plans.
A New Way to Save and Invest
The PALM application allows users to save for specific life goals—such as travel, education, marriage, or buying a car—through professionally managed investment portfolios in both Egyptian Pounds and U.S. Dollars. The platform is rich with user-centric features, allowing users to choose locked or unlocked plans, opt for Sharia-compliant products only, and use a flexible or installment-like saving plan. PALM invests user funds across high-quality, regulated asset classes including gold, fixed-income products, and shares on the Egyptian Stock Market.
Democratizing Access to Professional Investment
The founders aim to make sophisticated financial tools accessible to everyday Egyptians. “For the first time, Egyptians can experience a seamless, goal-based savings journey with institutional-quality portfolio management,” said Mazen El Kerdany, PALM’s Co-Founder and CEO. “Obtaining the FRA license is not just a regulatory milestone—it’s a validation of our mission to democratize access to professional investment management”.
Ahmed Ashour, Co-founder and Chief Business Officer, added, “At PALM, we saw a huge opportunity… We’re making investing easy, smart, and personal—giving everyday Egyptians access to professionally managed financial services that used to be reserved for the super-rich or top earners.”.
A Seamless and Secure User Experience
The app is designed for a smooth user experience, with account creation taking only minutes. Users can easily add funds to their goals via InstaPay or bank transfers and track their investment gains daily. For security, all customer funds are securely custodied in Egyptian banks and all investments are made in regulated financial instruments.
Source: Zawya
