OGold, the UAE-based Shariah-compliant precious metals Super App, has secured a strategic investment from Plug and Play Ventures, the venture capital arm of the global innovation platform. The funding comes after a breakout first year for the startup, which has already attracted over one million users and processed more than $50 million in Gross Merchandise Value (GMV), signaling strong validation for its model of bridging physical assets with digital commerce.
Quick Facts
- Company: OGold (UAE)
- Investor: Plug and Play Ventures
- Key Metric: 1M+ users in its first year
From Static Asset to Digital Currency
OGold has quickly gained traction by dismantling traditional barriers to owning precious metals. The platform allows users to buy fractional gold and silver for as little as AED 1, effectively turning a static hedge asset into a liquid, spendable digital currency. This approach has resonated strongly in the market, fueling its rapid user acquisition and high transaction volume.
The investment from a major Silicon Valley player like Plug and Play, known for backing over 30 unicorns including PayPal and Dropbox, underscores the global potential of OGold’s model.
“The investment from a global leader like Plug and Play Ventures serves as a powerful testament to OGold’s vision and the scalable infrastructure we have built,” said Bandar Alothman, Founder of OGold. “Our mission has always been to make gold and silver accessible and functional for everyone.”
Fueling Global Expansion
With the new capital, OGold plans a multi-phase expansion. A primary focus will be on continued product innovation, including the global rollout of its app and the OGold Mastercard, designed to enhance cross-border utility. The company also aims to scale its operations beyond the UAE into high-growth international markets, tapping into the rising demand for digital precious metals.
“We are thrilled to partner with OGold as they redefine the utility of precious metals for the digital age,” stated Alireza Masrour, General Partner at Plug and Play Ventures. “Their impressive milestone of reaching 1 million users in such a short time demonstrates a clear market demand for ethical, Shariah-compliant fintech solutions.”
By joining Plug and Play’s ecosystem, OGold gains access to a network of over 550 corporate partners across 60 global locations, providing a significant runway for its international ambitions.
About OGold
OGold is an Emirati fintech platform and Super App focused on making precious metal ownership accessible, liquid, and spendable. The Shariah-compliant platform allows users to buy, sell, save, and spend physical gold and silver, which is backed by high-purity precious metals stored in insured UAE vaults. OGold offers innovative tools such as Wakalah Gold and Silver Earnings and the OGold Mastercard, which allows users to spend their gold holdings in real-time.
Source: Zawya
