Sovra
Fintech building a self-custodial global dollar account on the USDC stablecoin, with yield, international transfers and a card. It raised over USD 2 million in pre-seed funding in June 2026.
Industry: Self-custodial stablecoin accounts | Location: UAE | Founded: 2025 | Total Funding: USD 2M
About Sovra
Sovra is a fintech company, described in regional coverage as UAE-based, that is building a self-custodial global dollar account. The idea is that the user, not the platform, holds the keys to the balance. Sovra positions itself as infrastructure rather than a gatekeeper, so that no bank or platform policy can freeze the account or trap the funds. Through a mobile app, customers are meant to be able to hold digital dollars, earn yield, send money internationally within seconds and spend with a card that works worldwide. Dollar balances are denominated in USDC, the dollar stablecoin issued by Circle, and the card runs on the Visa and Mastercard networks, according to Wamda and other regional outlets. The company was founded in 2025 by Ahmad Wehbi, who is its chief executive. He has said the project grew out of Lebanon's banking collapse in 2019, when deposits were frozen and the national currency lost more than 98 percent of its value. In an interview published by Enterprise in July 2026, Wehbi, a former consultant, described how his own access to savings was restricted by Lebanese banks, an experience that led him to build Sovra. The team is spread across the Middle East and Europe and draws on experience from McKinsey, Revolut, Jumpcloud and decentralised finance. Sovra's public waitlist is open at sovra.money. In June 2026 Sovra announced a pre-seed round of more than USD 2 million, led by Pharsalus Capital. Angel investors named in the announcement are Karim Atiyeh, co-founder of Ramp; Hisham Al-Falih of Lean Technologies; Hany Rashwan of 21shares; and Naguib S. Sawiris of Orascom Development Holding. Other angels were not named. Sovra said the money would go towards expanding its engineering and product teams ahead of a public launch. Enterprise reported in July 2026 that the company was preparing to launch within the quarter. Sovra has named three initial priority segments: young professionals across the Middle East and North Africa, university students and the regional diaspora living abroad. In his Enterprise interview Wehbi said the first target markets would be those that global fintechs tend to skip, including Lebanon, Syria and Iraq. The business is pre-launch, and the company has not published user numbers or revenue. Coverage differs on where the company is domiciled: Sharikat Mubasher and MENA Startup Digest call it UAE-based, while CB Insights lists a Delaware address.
Leadership
- Ahmad Wehbi, Founder