Bokra's Vision for a More Accessible WealthTech Future
Updated 10/15/2024 8:00:00 AM
Arab Finance: The financial technology (FinTech) sector in Egypt is rapidly establishing itself as a key player in driving innovation in the market.
In the past five years, the FinTech startup ecosystem has surged more than fivefold, now boasting 177 startups and payment service providers across 14 diverse sub-sectors, as highlighted in the Egypt Fintech Landscape Report 2023.
As traditional banking systems struggle with accessibility and efficiency issues, companies like Bokra are stepping up to redefine the financial landscape.
In this exclusive interview, we speak with Ayman El Sawy, the CEO and Founder of Bokra, who shares insights into the company's evolution and its distinctive offerings and ambitious vision for transforming Egypt's financial services.
1-First and foremost, what inspired you to create Bokra?
We founded Bokra to establish the first goal-achiever platform in the region that genuinely safeguards people's financial futures.
Uncertainty dominates everyday life now, especially for younger generations. Many individuals fear what tomorrow may bring—whether that is inflation, economic instability, or a lack of clear investment options.
We wanted to offer solutions that not only provide financial security but also strengthen asset-backed investments, which have historically proven resilience over time.
At Bokra, our goal is not just to offer investment opportunities but to improve people's lives by giving them peace of mind about their future. That is why we named the company 'Bokra'.
We recognize the fear people often have about what tomorrow holds. So, we wanted to create investment products that help ease that anxiety, allowing individuals to build wealth over the long-term while being protected from market fluctuations.
2-Your recent $4.6 million pre-seed funding round was a major success. How will Bokra use these funds to fuel future growth?
This funding will enable us to enhance our platform by improving our technology and investment products, ensuring that we provide our users with stability and growth opportunities.
Bokra is not just about investments, we are a goal-driven platform that simplifies investing through an easy-to-use interface. Our focus is on raising awareness and improving financial literacy.
What truly sets Bokra apart is our commitment to long-term stability and education. We aim to make a real difference in people's lives by helping them feel confident about their future.
We are committed to empowering users with confidence to achieve their financial goals, knowing that our products are designed for long-term success.
3-How do you envision Bokra’s role in driving the WealthTech sector in the MENA region?
Our vision is to drive the WealthTech sector’s growth in the MENA region by introducing new, innovative financial products that cater to all types of users.
We aim to break down barriers that traditionally limit access to quality investment opportunities. With Bokra, we are making it easier for people to achieve their financial goals.
4-Bokra's core mission is to democratize goal-based investment. Can you elaborate on what this means and how your platform makes investing more accessible?
At Bokra, democratizing goal-based investment means simplifying the investment process for individuals so that they achieve their goals, whether it is saving for retirement, upgrading a home, or building long-term wealth.
Traditionally, many high-quality investment opportunities are in asset-backed securities. Bokra's platform is designed to be simple and accessible, allowing users of all backgrounds to achieve in a way that aligns with their goals.
5-What unique features and benefits differentiate Bokra from other wealth management platforms?
Bokra distinguishes itself by focusing on quality over quantity, as we do not just offer a wide range of disconnected investment options. Instead, we carefully provide specialized, asset-backed products designed for stability and long-term growth.
We aim to ensure that the products we offer are aligned with our users' financial goals.
Unlike platforms that adopt a hit-and-run approach, focused on short-term gains or rapid transactions, Bokra is committed to long-term wealth building.
Our products are designed for users who seek sustainable returns over time, and we prioritize goal-based investing to help users build a secure financial future.
6-What are the biggest challenges facing retail investors in the MENA region, and how can Bokra address them?
Retail investors in the MENA region face challenges such as a lack of investment knowledge, limited access to high-quality investments, market volatility, and concerns about hidden fees.
Bokra tackles these issues by offering fractional ownership in asset-backed investments like real estate and precious metals, ensuring stable, long-term growth. We also emphasize transparent, no-hidden-fee structures, helping users build wealth confidently without worrying about unexpected costs.
This way, Bokra makes sure that users can access high-yield, quality investments that align with their financial goals. This is done by the Bokra expert management team that manages your portfolio.
7- What financial metrics should investors and stakeholders pay attention to in the WealthTech industry?
Key financial metrics for investors and stakeholders in the WealthTech industry include assets under management (AUM) to assess platform growth, user growth and retention rates for engagement, and conversion rate, which indicates how effectively new users become active users.
Customer acquisition cost versus lifetime value highlights profitability potential, while unit economics ensures that the platform's business model is sustainable.
Additionally, revenue growth, profitability margins, and transaction volume provide insights into overall financial performance and scalability. These metrics together reflect the platform’s long-term success and efficiency.
8- How does Bokra plan to contribute to the real estate industry in Egypt, and what financial products are you developing to support this growth?
Bokra focuses on asset-backed securities through fractional ownership in real estate development projects, offering stability and liquidity for users. This approach allows individuals to benefit from real estate appreciation while maintaining flexibility in their investments, which is essential given Egypt’s improving economic outlook and growing real estate demand.
With positive signs of economic recovery and an expanding real estate market, driven by urban development and population growth, Bokra is positioned to offer long-term, stable hedged investments to help people reach their goals.
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