Sovra, a fintech platform based in the MENA region, has successfully raised over $2 million in a pre-seed funding round, led by Pharsalus Capital and supported by a roster of prominent angel investors. Founded in 2025 by Ahmad Wehbi, Sovra aims to empower users with a self-custodial digital dollar account, enabling them to hold digital dollars, earn yield, send money globally in seconds, and make card payments accepted worldwide. This innovative approach ensures that users have complete control over their finances, free from intermediaries. The platform's architecture is designed to provide financial access and longevity, even in the face of potential platform discontinuation.
The funding will be allocated towards expanding Sovra's engineering and product teams in preparation for its public launch. With a distributed workforce across the Middle East and Europe, Sovra is poised to address the significant gap in financial services in the MENA region, where two-thirds of adults are unbanked or underbanked. By leveraging USDC, a regulated stablecoin, Sovra offers a secure and verifiable means for users to manage their digital dollar balances, while also facilitating seamless connections to third-party DeFi protocols for additional yield opportunities.
Ahmad Wehbi, the founder and CEO, reflects on the impetus behind Sovra, citing personal experiences with Lebanon's banking crisis. The platform is designed for a diverse user base, including young professionals, university students, and the regional diaspora, aiming to restore financial dignity and accessibility across the region. Pharsalus Capital's Managing Director, Anthony Ghosn, emphasizes the importance of providing self-custodial financial solutions as a means to combat the fragility of traditional banking systems in the region.
The funding will be allocated towards expanding Sovra's engineering and product teams in preparation for its public launch. With a distributed workforce across the Middle East and Europe, Sovra is poised to address the significant gap in financial services in the MENA region, where two-thirds of adults are unbanked or underbanked. By leveraging USDC, a regulated stablecoin, Sovra offers a secure and verifiable means for users to manage their digital dollar balances, while also facilitating seamless connections to third-party DeFi protocols for additional yield opportunities.
Ahmad Wehbi, the founder and CEO, reflects on the impetus behind Sovra, citing personal experiences with Lebanon's banking crisis. The platform is designed for a diverse user base, including young professionals, university students, and the regional diaspora, aiming to restore financial dignity and accessibility across the region. Pharsalus Capital's Managing Director, Anthony Ghosn, emphasizes the importance of providing self-custodial financial solutions as a means to combat the fragility of traditional banking systems in the region.
Source: Wamda
