The international fintech group is set to raise up to US$15 million to launch a cutting-edge finance app in the UAE in 2024, aiming to address the diverse financial needs of customers. This move represents an exciting development in a region known for its growing appetite for digital financial solutions.
A New Player in the UAE Fintech Scene
UnaFinancial, part of the UnaFinancial group of companies, is making its debut in the Middle East with a digital finance app that promises to be a game changer. The parent company, UnaFinancial, has an impressive track record, having developed fintech services in the Asia-Pacific (APAC) and European regions since 2015. Now, the company is ready to expand its footprint to the UAE.
Funding for Growth
To bring its vision to life, UnaFinancial has already provided initial funding for this ambitious project. Now, the company is seeking to raise an additional US$15 million in its second funding round. This financial injection will be channeled towards internal IT development and marketing expenses, ensuring that the app is primed for a successful launch. Moreover, UnaFinancial is open to exploring technology and business partnerships to enhance the app’s offering.
Riding the Wave of Growing Demand
The UAE has witnessed remarkable growth in the adoption of finance apps, with installations increasing by an impressive 55% in 2021. This surge in demand for digital financial solutions is what UnaFinancial aims to tap into. The company’s digital finance app is designed to cater to a wide range of financial needs, including spending, investing, and borrowing.
A Comprehensive Approach
UnaFinancial’s digital finance app is set to offer a comprehensive suite of financial services, making it a one-stop solution for users. Key features and offerings include:
1. Online Investment Platform: Diversified Asset Classes
– One of the flagship products of the app will be an online investment platform. This platform will enable clients to acquire and trade multiple asset classes, including equities, forex, bonds, commodities, and derivatives.
– This diversification provides investors with a wide range of options for building and diversifying their investment portfolios, catering to both novice and experienced investors.
2. Future Expansion: Digital Wallet and Credit Products
– While the initial launch focuses on spending and investing, UnaFinancial has ambitious plans for the app’s future.
– The company aims to introduce a digital wallet, streamlining financial transactions and making payments more convenient.
– Additionally, credit products are on the horizon, offering customers access to borrowing options that align with their financial needs.
Natalia Ishchenko, CEO of UnaFinancial, is confident in the success of the app. She anticipates that it will attract over 1 million customers and generate more than US$100 million in revenue by 2028. This ambitious growth projection underscores UnaFinancial’s commitment to making a meaningful impact in the local fintech industry.
Empowering Users with Knowledge
Viktor Kasianov, CEO of the project, emphasizes UnaFinancial’s dedication to providing more than just financial services. The app will leverage artificial intelligence to help users make informed financial decisions. Additionally, it will offer in-app financial education, empowering investors of varying expertise levels with the knowledge they need to make smart choices.
A Customer-Centric Approach
UnaFinancial’s app goes beyond traditional financial services. It will offer features like goal setting and progress tracking, allowing users to monitor the performance of their investments and visualize their financial journey. This customer-centric approach aims to enhance the overall user experience and align the app with the diverse financial needs of the UAE’s multicultural and multinational population.
Unlocking the Future of Fintech in the UAE
The introduction of UnaFinancial’s digital finance app in the UAE is a significant step forward in the region’s fintech landscape. With the increasing demand for digital financial solutions and the UAE’s reputation as a hub for innovation, UnaFinancial is well-positioned to make a positive impact. By providing a comprehensive suite of services and a commitment to financial education, UnaFinancial’s app has the potential to reshape how individuals in the UAE manage their finances, invest, and achieve their financial goals. As the app prepares to launch in 2024, it is set to unlock a new era of fintech possibilities in the UAE.