UAE Fintech Metric Raises 7-Figure Seed, Launches 'Chief Financial AI' Max
Abu Dhabi-based AI fintech startup Metric, founded by Pakistani entrepreneurs, has announced the closing of a seven-figure seed funding round alongside the launch of "Max," billed as the "world's first Chief Financial AI." This dual announcement marks a significant step for the company as it aims to scale its financial intelligence solutions for businesses across emerging markets.
Demystifying Finance for Emerging Market SMEs
Founded in 2022 by Meenah Tariq (CEO) and Omar Parvez Khan (CRO), along with CTO Dr. Habiba, Metric was created to address a common pain point for small and medium-sized business (SMB) owners, particularly in emerging markets: the fear and complexity associated with accounting and financial data. Metric's platform aims to simplify financial tracking and provide actionable insights in an accessible format, moving beyond basic bookkeeping.
Introducing "Max": The Chief Financial AI
Concurrent with the funding news, Metric launched Max, described as a "business co-pilot AI agent" or "micro-advisor" rather than just a chatbot. Key aspects of Max include:
AI-Powered Analysis: Leverages AI trained on what Metric states is $4 billion worth of proprietary transactional data.
Actionable Insights: Analyzes business financial data to understand spending patterns, identify growth opportunities, and provide insights traditional accounting software often misses.
Data-Driven Decisions: Empowers business owners to move beyond "gut-feel" and make informed choices to achieve sustainable financial success.
Accessibility: Available in English and Arabic through Metric's web app.
Seven-Figure Seed Round & Key Investors
Metric secured an undisclosed seven-figure seed round (USD) to fuel its next growth phase. The round saw participation from prominent regional and global investors, including:
Sanabil 500 Global
Hub71
i2i Ventures
Plus VC
Epic Angels
Accelerate Prosperity
Notable angel investors from the GCC.
This follows a $900,000 pre-seed round raised in March 2023. The new funds will be used to:
Accelerate access to the Max AI agent for business owners.
Scale up pilots for Metric's fintech marketplace, which connects users to financing opportunities and services like business debit cards.
Deepen penetration in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) market.
About Metric
Metric is an Abu Dhabi-headquartered AI fintech company founded in 2022 by Meenah Tariq, Omar Parvez Khan, and Dr. Habiba. It provides an AI-driven financial intelligence platform designed to simplify accounting and provide actionable insights for SMB owners in emerging markets. Its flagship Android app has reportedly been used by over 130,000 businesses across 190 countries.
Looking Ahead
With significant seed funding and the launch of its innovative "Chief Financial AI" Max, Metric is strongly positioned to expand its impact within the MENAP region. Its focus on making financial intelligence accessible and actionable for SMBs addresses a crucial need. The company's ability to effectively scale Max and its integrated fintech marketplace will be key to achieving its vision of "building from the GCC, for the world."
Source: Business Recorder