Personal finance app gets funding

$400,000 from angel investors

Wally, a personal finance mobile app, announced that it has obtained a $400,000 investment. The investment comes from private angel investors, who did not want to reveal their identity for the time, according to Saeid Hejazi, Wally’s co-founder and CEO.

Wally helps users record and manage their personal expenses, enabling them to scan receipts and tag them by location and category. The app reviews what money in, what money out, and what users have left in savings for emergencies.

“The new investment will be used to further develop the product over the next year, adding premium features, getting more traction, and eventually gaining more users,” said Hejazi.

The Wally team plans to launch the app in 12 languages, and add integration with utility companies and with banks.

Since its launch at Arabnet Beirut in March this year, the app has gained around 100,000 users, according to Hejazi. “Our largest market is India, followed by China and the UAE,” he said.

Wally is currently downloaded for free and does not have any ads. A premium version with advanced features will be introduced at a later stage, bringing the app's cost to between $15 and $25 a year.