WiserGates starts $3m pre-seed round at $30m valuation

WiserGates, a wealth fintech company founded by two Bangladeshis and registered under the Dubai International Financial Centre (DIFC), has started its pre-seed funding round at a valuation of $30 million.

The company was founded by Muhammad Refayet Chowdhury, its chief executive officer, and Md Nazibur Rahman, its chief operating officer.

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The round is backed by Tokyo-based NewVision Japan Co Ltd and London-based 1CS Holdings Limited.

WiserGates is seeking to raise $3 million in the pre-seed round, which will be used for product and technology development, regulatory and compliance infrastructure, market expansion, team building and partnerships, the founders said.

Its flagship platform, NANO Assets, is designed to allow investors to buy fractional, tokenised ownership in small and medium-sized profitable businesses.

The businesses targeted by the platform include farming, laundries, restaurants, grocery stores, gyms and commodities trading.

The company plans to launch the platform in the UAE and UK over the next 12 to 18 months, starting with markets where the founders say the regulatory environment is suitable for the model.

WiserGates said it has already invested more than $2 million in more than 10 companies and other asset classes over the past five years.

Under the NANO Assets model, a business can be divided into smaller digital ownership units, allowing investors to participate without having to acquire an entire business. Investors could potentially receive a share of profits or benefit from capital gains if the underlying business increases in value, depending on the terms and performance of each investment.

The founders also plan to introduce the model in Bangladesh within two to three years, subject to the establishment of regulations covering tokenisation and crowdfunding.

They see non-resident Bangladeshis (NRBs) as a potential initial customer base for the Bangladesh market.

The founders 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.

Bangladesh receives roughly $32 billion to $34 billion in remittances annually, according to their estimate.

They refer to the proposed model as “Nano FDI”, under which Bangladeshis living abroad would be able to invest small amounts in businesses and other productive assets in Bangladesh.

“We have seen firsthand how difficult it can be for ordinary people to access financial knowledge, capital and meaningful ownership opportunities,” Refayet said.

He said the company wanted to build a system through which people could learn about businesses and gain access to ownership in productive assets.

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.

WiserGates said the platform would combine financial education with investment access, allowing users to learn about businesses before deciding whether to invest.

The company said its Dubai base provides access to international markets and financial institutions while allowing it to develop the platform for use across multiple jurisdictions.

The founders said WiserGates was a Bangladeshi-born startup seeking to expand globally, with its establishment abroad facilitated by the Bangladesh government’s initiative allowing local entrepreneurs to legally establish companies overseas.

The company is supported by DIFC and Dubai Chambers, according to the founders.

The founders said their longer-term ambition was to increase the flow of funds into Bangladesh through investment from NRBs, potentially adding between $1.5 billion and $3 billion annually if the model achieves their targeted growth in remittance-linked investment.