AI Fintech Metric Secures Seven-Figure Seed Funding for Expansion

AI fintech firm Metric has announced a seven-figure seed round to facilitate the expansion of its services throughout the Gulf region and Asia. While the precise sum remains undisclosed, the company confirmed the investment to Business Recorder.

Established in 2022 by Pakistani entrepreneurs Meenah Tariq and Omar Parvez, alongside CTO Dr. Habiba, Metric revealed in a statement on Thursday that the seed round saw participation from Sanabil 500 Global, Hub71, i2i Ventures, Plus VC, Epic Angels, and Accelerate Prosperity, in addition to prominent angel investors from across the GCC.

Concurrently, the Abu Dhabi-based firm, which concentrates on serving businesses in emerging markets, unveiled the launch of “Max,” described as the ‘world’s first Chief Financial AI,’ designed to function as a ‘micro-advisor’ for business owners.

CEO Meenah Tariq clarified that Max is not a mere bot, but rather a “business co-pilot AI agent”.

Dr. Habiba, Metric’s CTO, stated that “Max, built utilizing $4 billion worth of exclusive transactional data, employs state-of-the-art artificial intelligence to assess business financial data and deliver practical insights that conventional accounting software cannot provide.”

She further added, “By discerning spending behaviors and pinpointing growth opportunities, Max enables business owners to make informed, data-centric decisions and attain enduring financial prosperity.”

Metric’s web application and Chief Financial AI are accessible in both English and Arabic, complete with in-application educational resources in both languages. The company reports that its primary Android application has been adopted by over 130,000 businesses spanning 190 countries.

Tariq, originally from Peshawar, noted that “with over 500 businesses already registered to utilize Max, and with the backing of the region’s leading investors, we are developing from the GCC, for the global market.”

Scaling Up

Metric links its users to funding avenues and financial utilities, such as business debit cards, via its marketplace of financial products and services.

Tariq conveyed that the capital from the latest seed round will enable Metric to “expedite access to the Chief Financial AI for business owners and broaden the scope of our ongoing pilots focused on enhancing funding access for business owners and providing financial products like debit cards.”

“Our core objectives are twofold: to deepen our presence in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region with our AI agent and to augment the value of our offerings via our fintech marketplace for business owners.”

“We conceived Metric to simplify accounting and finance for business owners, thereby facilitating improved access to funding and growth – a function that our CF-AI perfectly fulfills,” she elaborated.

During a previous conversation, the founders mentioned that Metric had secured $900,000 in pre-seed funding in an oversubscribed round.

At that time, Tariq noted that Metric was witnessing “extremely rapid expansion and adoption,” and recognized the UAE as a strategic entry point into the broader MENA region, with intentions to expand to additional markets.