UAE-based FinTech platform QFIL Solutions has raised a $1m pre-seed investment, ahead of its launch.
With the capital, the company plans to finish its development and proof-of-concept ahead of its soft launch. The company will initially be available in the UAE, Singapore, Nigeria and South Africa. In the future, the company plans to develop market expansions and deepen its product pipeline.
QFIL, which builds AI engines, apps and web platform, aims to help investors, institutions and retail traders maximise gains and reduce risks. Its flagship product, Magus AI, offers real-time market signals, needs no human intervention, utilises historic machine learning and more.
The tool, which is subscription-based, gives investors the insight and analysis to execute real-time smart forex trades.
QFIL Solutions co-founder and managing director Hani AlAita said, “The landscape of trading is changing. Today’s younger traders have a very different approach. Our vision at QFIL Solutions is to provide them with breakthrough AI driven products tailored to their ambition, while helping them reduce their risks and maximise their gains on their journey for expedited wealth creation.”
Last month, fellow UAE-based FinTech platform Hubpay closed its Series A round on $20m. The company offers a digital wallet and data-driven financial products that are available to everyone.
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