WiserGates, a wealth fintech registered in the Dubai International Financial Centre and founded by two Bangladeshis, has launched a $3 million pre-seed funding round at a $30 million valuation. The round is backed by Tokyo-based NewVision Japan Co Ltd and London-based 1CS Holdings Limited.
The company was founded by Muhammad Refayet Chowdhury, chief executive officer, and Md Nazibur Rahman, chief operating officer. The founders said the $3 million raise will be used for product and technology development, regulatory and compliance infrastructure, market expansion, team building and partnerships.
WiserGates’ NANO Assets platform
WiserGates’ flagship platform, NANO Assets, is designed to let investors buy fractional, tokenised ownership in small and medium-sized profitable businesses. Targeted sectors include farming, laundries, restaurants, grocery stores, gyms and commodities trading.
Under the NANO Assets model, a business can be divided into smaller digital ownership units so investors can participate without acquiring an entire business. Depending on the terms and performance of each investment, investors could receive a share of profits or benefit from capital gains if the underlying business increases in value.
The founders said WiserGates plans to launch the platform in the UAE and the UK over the next 12 to 18 months, beginning in markets where the regulatory environment suits the model. They also plan to introduce the model in Bangladesh within two to three years, subject to the establishment of regulations covering tokenisation and crowdfunding.
WiserGates said it has already invested more than $2 million in more than 10 companies and other asset classes over the past five years. The company described the proposed Bangladesh-focused approach as “Nano FDI”, under which Bangladeshis living abroad would be able to invest small amounts in businesses and other productive assets.
The founders see non-resident Bangladeshis as a potential initial customer base for Bangladesh. They estimate that directing 10 percent of Bangladesh’s annual remittance inflows into local ownership and investment could generate around $2 billion in additional investment each year, noting Bangladesh receives roughly $32 billion to $34 billion in remittances annually according to their estimate. They said their longer-term ambition was to increase the flow of funds into Bangladesh through NRB investment, potentially adding between $1.5 billion and $3 billion annually if the model achieves targeted growth.
“We have seen firsthand how difficult it can be for ordinary people to access financial knowledge, capital and meaningful ownership opportunities,” Refayet said. Nazibur said the company’s long-term goal was to create opportunities for Bangladeshis living abroad to own a part of businesses in their home country.
The founders said WiserGates’ Dubai base provides access to international markets and financial institutions while allowing it to develop the platform for use across multiple jurisdictions. They added the company is supported by DIFC and Dubai Chambers and that its establishment abroad was facilitated by a Bangladesh government initiative allowing local entrepreneurs to legally establish companies overseas.
