Anis Rahal, co-founder and CEO of the startup xfolio. (Photo taken from the xfolio website)
xfolio, a financial technology (fintech) platform co-founded by six Lebanese and one French national, and led by Anis Rahal, raised $2 million in seed funding from the Middle East Venture Partners (MEVP) fund.
In its press release, the startup announced that “this investment will accelerate the development of [its] product, its expansion in markets, as well as [its] strategic partnerships across the MENA region and Europe.”
Founded in 2024, xfolio allows financial institutions, family offices, and wealth managers to consolidate, automate, and visualize both bankable – which can be quickly converted into cash – and non-bankable assets on a single platform, utilizing financial messaging standards – such as SWIFT. It supports a wide range of asset classes, including stocks, bonds, real estate, art, and collectibles.
“The [xfolio] solution fills a critical market gap: modern, cost-effective tools for mid-sized wealth managers, often overlooked by existing systems,” said in the press release Jad al-Boustani, partner at MEVP. Consequently, the startup said it was ideally positioned to take advantage of the “growing digital transformation of family offices and asset managers” across the MENA region and Europe, aiming to capture a significant share of the global wealthtech market, estimated to be $16.6 billion.
In this regard, Anis Rahal, co-founder and CEO of xfolio, stated in the same release that “the current market prices seem excessive to us.” To address this, “we are introducing fair and transparent pricing – and our mission is to democratize access to treasury and wealth management solutions,” he added. The startup offers access to its platform starting at $40 per month.
Before co-founding xfolio and taking the helm, Rahal founded TreasuryXpress in 2007, another treasury management platform. It was acquired in 2021 by the American company Bottomlines for $33 million. Since its creation and until its acquisition, TreasuryXpress successfully raised over $8 million in four rounds of financing. The MEVP fund invested in its capital in 2011.
This article was orginally published in French in L'Orient-Le Jour.
