Dubai – Sharikat Mubasher: Sovra, a UAE-based fintech platform offering users access to self-custodial global dollar accounts, announced it has raised more than $2 million in a pre-seed funding round. According to a recent press release, this round was led by Pharsalus Capital, with participation from regional and international angel investors including Karim Atiyeh, founder of Ramp; Hisham Al-Falih, founder of Lean Technologies; Hany Rashwan, founder of 21Shares; and Naguib Sawiris, chairman of Orascom Development Holding.
The startup enables users to hold digital dollars, transfer funds globally, earn yield through third-party decentralized finance protocols, and make payments using cards supported by Visa and Mastercard networks. Its platform is built around a self-custodial model, allowing users to retain full control over their funds without reliance on intermediaries.
Founded by Ahmad Wehbi, Sovra aims to address financial access challenges across the Middle East and North Africa, where a significant share of the population remains unbanked or underserved by traditional financial institutions. The company was inspired by the collapse of Lebanon's banking system in 2019, which left many depositors unable to access their savings.
The newly secured capital will be used to expand Sovra's engineering and product teams as the company prepares for its public launch and further development of its digital financial platform.
