While saving culture is close to nonexistent in MENA, investment is more prevalent among high net worth individuals due to its financial limitation.

Simba makes the complex process of savings and investment very simple and brings knowledge and decision-making to the comfort of one's mobile phone. In short, it is a savings and wealth management application that:

1- Allows users to save by rounding up daily electronic purchases to the nearest dollar/pound/dirham/dinar.
2- Invests the difference (the "round-up") in a customized Exchange Traded Fund (ETF), including Sharia compliant plans
3- Is a lifetime personalized knowledge center that guides new investors through their savings and investment journey

The user can simply sign-up, connect their bank and credit/debit cards, and money spent will be automatically rounded-up into their Simba portfolio. Upon signup, each Simba user will complete an attitude to risk and affordability exercise. Using this information, we will recommend...
While saving culture is close to nonexistent in MENA, investment is more prevalent among high net worth individuals due to its financial limitation.

Simba makes the complex process of savings and investment very simple and brings knowledge and decision-making to the comfort of one's mobile phone. In short, it is a savings and wealth management application that:

1- Allows users to save by rounding up daily electronic purchases to the nearest dollar/pound/dirham/dinar.
2- Invests the difference (the "round-up") in a customized Exchange Traded Fund (ETF), including Sharia compliant plans
3- Is a lifetime personalized knowledge center that guides new investors through their savings and investment journey

The user can simply sign-up, connect their bank and credit/debit cards, and money spent will be automatically rounded-up into their Simba portfolio. Upon signup, each Simba user will complete an attitude to risk and affordability exercise. Using this information, we will recommend a predetermined investment portfolios (initially 3 - low, medium and high risk ETF's, with a view to increasing these options within 12 months of launch).

For example: A user goes to Starbucks to buy their morning cup of coffee, this costs them $1.45. Simba will recognise this charge and 'round-up' the purchase so the user pays $2.00 for the coffee. The additional $0.55 then goes into the user's Simba account. This process is carried out for all daily purchases. As well as this, users can also set 'top-ups' where Simba automatically takes a weekly amount (e.g. $5 taken every monday) and a 'pay-day roundup' where a user can sign up for the app to take a larger amount once a month on the day that they get paid (e.g. $20, $50, $100)
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Flat6Labs Beirut - Cycle 2
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Flat6Labs Beirut - Cycle 2 A New Seed Program & Early Stage Fund