UAE crypto platform HAYVN gets Series A; Kuwait’s Bnchr+ nabs seed money

 UAE crypto platform HAYVN gets Series A; Kuwait’s Bnchr+ nabs seed money

Abu Dhabi-based digital currency trading platform HAYVN has raised an undisclosed amount in a Series A funding round led by Red Acre Ventures and Hilbert Group.

Founded in 2018 by Christopher Flinos and Ahmed Ismail, HAYVN is an institutional digital currency platform that provides secure over-the-counter trading and custody capabilities, enabling customers to trade digital currencies.

HAYVN joins a growing number of cryptocurrency-focussed fintechs in the Middle East and North Africa region that have snagged funding cheques in the last few months. These include CoinMENA, Tarabut Gateway and BitOasis.

“We are building HAYVN into the largest institutional digital currency platform globally and we are continuing to strive to be just that,” said Flinos, who is also chief executive officer at HAYVN.

Flinos said that the Series A cash will help the company to improve its core products and expand its offerings beyond OTC trading and custody.

“Leveraging off the asset management strength of our new shareholder Hilbert Group, we will shortly begin providing our clients with secure access to digital currency through a series of bespoke, diversified investment products. The HAYVN payments ecosystem is also a priority for the business,” he added.

Bnchr+

Kuwait-based automotive maintenance startup BnchrPlus, or Bnchr+, has raised seed funding from startup accelerator Brilliant Lab and Rasameel Investment Company.

Brilliant Lab, which is also partner of the accelerator programme Zain Great Idea, and Rasameel invested in the startup through their joint Brilliant Start fund.

Bnchr+ didn’t disclose the amount it raised. However, the Brilliant Start fund invests up to $40,000 in a startup for a stake of at least 5%, according to its website.

Bnchr+ was founded in 2018 by Ali Alhaddad and Faisal Alibrahim. It offers after-sales servicing such as changing parts, refilling fluids, fine-tuning, checking, and programming through an on-the-go geolocalised platform.

The startup, which graduated from the sixth edition of Zain Great Idea, said in a press release that it will use the money to develop its platform and grow its operations as it services the Kuwaiti market.

Aman Malik

The Capital Quest