Founded in 2023, Aura Finance helps SMEs in the UAE do more business and grow faster by freeing up their cash flow. The company started by lending directly to SMEs through invoice discounting and are now moving into enabling banks, funds, and platforms to lend to SMEs profitably.
We spoke to Aura co-founder and CEO Shahrukh Ghazali and co-founder Samer El Mardini about how they solved some of the pain points that B2B SMEs face, and what it’s like trying to build an SME credit infrastructure for the MENA region.
Gulf Economist: Let’s start with what inspired you to start this business.
Shahrukh Ghazali & Samer El Mardini: We started noticing how difficult it was for SME vendors, many of whom we’d worked with, to get access to working capital. They were consistently stuck waiting 30, 60, even 90 days for payments. Samer had worked closely with commercial and development banks as part of McKinsey’s banking practice and understood why lenders struggled to serve SMEs profitably. That combination gave us the conviction to go after the problem.
GE: So how did you fund your startup in the early days?
SG & SM: We bootstrapped it entirely. We saved up for months before starting, and initially funded both our operations and lending from our personal savings. We’ve since brought on a mix of angel investors and VCs, including Oraseya Capital, who’ve provided us with equity and debt capital to grow both our team and lending capacity.
GE: How has your vision evolved since launching?
SG & SM: Building invoice discounting in a self-serve way forced us to simplify and automate a lot of the lending process. Once we saw how much more efficient that was compared to traditional approaches, we realised we could have far greater impact by giving these capabilities to banks and other lenders. They have the lowest cost of capital, but struggle with cost-to-serve. Aura bridges that gap. We’re now focused on becoming the infrastructure layer for SME credit in the region.
GE: What were some of the pivotal moments in your growth journey?
SG & SM: We launched fast, building our first prototype with no-code tools in just a few weeks – a quick and efficient way to validate demand and bring in our first users and backers. That early momentum helped set the stage for a major milestone which was winning Eureka! GCC. Taking first place and earning the Fintech Innovator award gave us real external validation and opened doors to new partners and investors. With that traction, we secured a partnership with Reem Finance, which gave us the regulatory cover crucial for any fintech in this space and allowed us to start building with more confidence. Around the same time, we were accepted into MBRIF, where the mentorship and feedback helped sharpen both our product and go-to-market strategy. Winning best pitch at their demo day further boosted our confidence and helped clarify our story. All of this led to our first major institutional cheque from Oraseya Capital, whose diligence process pushed us to level up across the board and marked a major step forward in our journey.
GE: You mentioned Oraseya Capital. Can you explain a bit more about their SANDBOX programme?
SG & SM: The SANDBOX process made us more deliberate and structured. The due diligence itself was intense, and having subject matter experts dig into our tech, finances, and growth plans helped refine our strategy. Getting the green light from the investment committee has also boosted confidence and they’ve already started making meaningful introductions.
GE: Your journey has been impressive, but I imagine there were some bumps on the road?
SG & SM: There have been moments where it felt like we were stuck. But those moments also made us scrappier, and more focused. Early on we put too much weight on one potential investor, one partner, or one hire. We learned the hard way to always have backup options and that momentum beats intent. The fastest route to ‘yes’ is the one worth pursuing.
GE: What did you bring with you from your past roles to help you get to that point?
SG: Working closely with Mudassir Sheikha [at Careem] in the past taught us a lot about building with purpose. Even after leading one of the region’s biggest startup success stories in Careem, he still shows up with the energy and discipline of a pre-seed founder. That mindset left a mark.
SM: Having also worked with Mudassir, I saw how one can combine vision with extreme discipline. It showed me that even at scale, big ideas need relentless execution and humility – a mindset that’s shaped how I approach my work at Aura.
GE: Given these kinds of past experiences, what kind of culture did you want to build at Aura?
SG: We’ve worked at early-stage startups, unicorns, and corporates. In the end, we wanted a culture that combined high standards with deep trust, where people take ownership and care about the craft of what they build.
SM: We want a low-ego, high-ownership culture where great ideas can come from anywhere and clarity drives speed.
GE: We’ve talked about the past and the present. What’s next for your company?
SG & SM: We’re rolling out our first infrastructure use cases and shifting from being just a lender to being a credit processor. Over the next year or two, we aim to power multiple credit products across multiple platforms, with different capital providers plugged in.
GE: And in five years?
SG & SM: We want Aura to be the default infrastructure layer for SME credit in MENA. Whether it’s a bank, a marketplace, or a fintech, if they’re financing SMEs, we want Aura running behind the scenes. Impact means helping more SMEs grow by making capital access faster, cheaper, and more reliable.
GE: You’re UAE-based. What’s your view on the current startup ecosystem?
SG & SM: It’s evolving quickly. There’s strong government support, lots of programs, and growing interest in entrepreneurship. That said, capital is still relatively risk-averse compared to other regions. As the ecosystem matures and produces more big outcomes, this will shift. Setting up the business was surprisingly easy. There are fast, affordable options to get started. Banking remains a challenge, but it’s improving. In terms of investment, it’s early but promising. There are a lot of experienced angels willing to take risks and back early-stage startups. Institutional investors are still a bit conservative, but that’s also changing. A few more breakout successes and this could become one of the best startup ecosystems globally.
GE: So just to finish, any advice or further reading for someone looking to start a business?
SG & SM: ‘Inspired’ by Marty Cagan helped shape how we think about product and building for user impact.Reading ‘The Hard Thing About Hard Things’ by Ben Horowitz before co-founding Aura mentally prepared us for the uncertainty and tough calls we would have to make. In terms of the UAE specifically, it’s important to be thoughtful about how your incorporation and licensing choices affect your ability to raise money, open accounts, and scale. Choose what works best now, then upgrade later if needed.
GE: Thanks so much for your time, Shahrukh and Samer.
*A call-out to early-stage tech founders – are you setting yourself up for success?*
SANDBOX is a highly competitive investment programme which offers $150,000 in funding, mentorship from seasoned experts, and direct exposure to a network of regional and international VCs. Held twice a year in February and September, SANDBOX draws over 1,000 applications per cohort, with only 2% coming through the selection process, making it one of the region’s most sought-after programmes for early-stage tech founders.
SANDBOX is run by Oraseya Capital – a $136m venture capital fund backed by Dubai Integrated Economic Zones (DIEZ). As the UAE’s most active investor, Oraseya Capital backs startups from pre-Seed to Series B from $150,000 to $3m.
SANDBOX is now accepting applications to its 7th cohort commencing September 2025. For more information, go to www.sandboxaccelerator.com.