Dubai-based fintech InvestSky can now offer social trading services here at home via its newly formed partnership with local investment bank ANB Capital. The platform gives Saudi users access to invest in both US and Saudi equities through a single platform, with local transfers available as an option, founder & CEO Nitish Mittal tells EnterpriseAM.

The expansion into Saudi comes after the startup raised USD 4 mn in seed capital from Emkan Capital, Run Ventures, S3 Ventures, Al Romaizan Family Office, and other regional investors, bringing total funding to USD 7.4 mn, according to a press release (pdf)

SOUND SMART- Social trading lets everyday investors follow and copy the trades of more experienced buyers. Think of it as investing with a crowd — you can see what others are doing and choose to mirror their moves (for better or worse).

What’s next?

InvestSky plans to roll out additional products over time, subject to regulatory clearance and user demand, co-founder and Managing Director Turki Al Shaikh tells us. The company is currently working with the Capital Market Authority to transition to a full license, Al Shaikh added.

Why it matters

While the CMA first opened the door to social trading in 2020 with a permit forMaysan Financial, the sector is now reaching institutional scale. Unlike the early sandbox entrants, InvestSky’s partnership with ANB Capital signals that social trading is moving to a bank-backed retail channel.

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