Maxion, the UAE's pioneering matchmaking app, recently encountered a supposed $1.75 million funding opportunity. Following a European business trip costing $12,000 in travel expenses, the company discovered it was a fraud. The executives narrowly avoided losing $250,000. Christiana Maxion, the tech founder of the AI-powered matchmaking service, revealed to Khaleej Times that a Swiss 'advisor' had contacted her in April regarding an investment. The 'advisor' claimed the investment was from the girlfriend of a wealthy 60-year-old planning to move to the UAE. Despite initial optimism, Christiana noticed the advisors did not request financial statements or conduct due diligence. She and her CFO, Cristina Neculcea, traveled to Barcelona to finalize the deal, but the meeting raised concerns with mentions of a 'cold ledger' and proof of funds. Upon returning to Dubai, more red flags appeared, including a hidden $300,000 commission and demands for cryptocurrency transactions. They renegotiated the commission to $250,000, but the advisors then demanded proof of funds in cryptocurrency, which Maxion could not provide. Further investigation revealed the advisors were using fake identities and companies. The executives are now filing a report with Europolice and the European Financial and Economic Crime Centre. Despite the loss, Christiana believes sharing the story will attract genuine investment for their seed round. Maxion aims to streamline dating by matching compatible profiles weekly and is planning to expand into Indian and Muslim markets.
Text: Lara Palmer
11.06.2024
UAE Matchmaking App Maxion Nearly Falls Victim to a Sophisticated Investment Fraud