5 UAE fintech start-ups to keep on your radar.

Fintech in the UAE extends further than just the big banks. In fact, there’s a diverse range of fintech start-ups in Abu Dhabi and Dubai, which are tackling everything from alternative payment methods, to peer-to-peer lending, and crowdfunding platforms. Here we present 5 UAE fintech start-ups, all proposing creative and innovative solutions for consumers across the GCC. In no particular order, the 5 start-ups we suggest keeping on your radar are:

 

bitoasis.

Launched in 2014 by Jordanian entrepreneur Ola Doudin, BitOasis is the Middle East’s first digital currency wallet and exchange service. It is also a founding member of the Dubai-based Global Blockchain Council, a 32-member organization exploring the impact of blockchain technology and digital currencies in the GCC region. Doudin created the company after experiencing difficulty purchasing bitcoins in the Middle East, and says that her aim is to build the largest digital currency exchange and payments infrastructure platform in the MENA region.

In May 2017, BitOasis raised an undisclosed amount in a seed round from 4 investors, which was led by venture capital firm Wamda Capital. The funds enabled BitOasis to expand its presence in MENA territories, and to hire additional staff. As of early 2018, the platform currently works in five nations, including the United Arab Emirates, Qatar, Kuwait, Bahrain and Saudi Arabia, and the mobile wallet feature is accessible to individuals across MENA and Asia.

 

yallacompare.

yallacompare.com is a leading financial comparison site in the Middle East, which helps users to find and compare credit cards, personal loans, mortgages, car loans, insurance and bank accounts, from a diverse range of local and international banks and financial institutions.

Launched in 2011, the company currently offers its services to users in the UAE, Qatar, Bahrain, Kuwait, Saudi Arabia, Egypt, Lebanon, Oman, and Jordan. Founder Jon Richards, reports that the company is committed to bringing more transparency to the region’s finance industry, and works hard to educate users so that financial literacy can be improved across the Middle East.

In recent months the comparison site has worked to raise Series B funding, in order to take the total amount of investment raised to $16 million, and to expand the company’s call centre, which is staffed by 120 employees in Dubai, as well as to fund the launch of the insurance comparison platform in Saudi Arabia.

 

bridg.

Bridg has introduced custom-built communication technology, that allows smartphone users to send and receive money while offline. Co-founder Moussa Beida, said that the bluetooth enabled app provided an “innovative way to bridge the divide and provide cheaper services to the unbanked.” As a customer-driven business, Bridg can break down the ‘cocktail’ approach that the big banks tend to follow, by offering a form of payment technology that is more secure and more efficient, and ultimately allows the user to remain in control.

Although not yet available on the market, Bridg’s Bluetooth powered low energy connectivity will enable merchants to charge a consumer’s smartphone without needing a data connection. Meaning that the app has the potential to grow rapidly in emerging Asian markets with poor or unreliable internet services.

 

bayzat.

Bayzat is a Dubai-headquartered start-up, offering health insurance products and HR automation services to individuals and companies in the UAE. The platform allows users to compare and buy health insurance policies, by offering real-time pricing of over 100 polices in less than 2 minutes. When a policy is purchased, it grants users free access to Bayzat Benefits, which allows customers to access all their medical benefits on their mobile phones as well as select healthcare options within a policy while traveling.

For HR professionals, Bayzat Benefits automates administrative work, so that they can easily manage employee records and medical insurance. It provides access to a unique dashboard that grants a birds-eye-view of key dates and deadlines for document expiry and renewal, as well as related employee information.

 

finerd.

Founded in 2015 and headquartered in the United Arab Emirates, Finerd provides automated investment management solutions for retail clients across the Middle East region. Finerd provides tailored investment solutions based on a person’s income, appetite for risk, and their desired investment timeframe. It is the first robo-advisor in the UAE, and has gained significant interest especially from expatriate workers inside the country. So far Finerd is open to all nationalities, with the exception of US citizens.

The service was created by David Martínez de Lecea, who currently acts as Finerd’s CEO, and his partner, Nicolas Fotilas, and promises to deliver cost-efficient, customisable, and secure investment offerings. Martínez de Lecea notes that costs have been significantly reduced by automating key processes, which allows Finerd to remove layers of intermediaries, avoid conflicts of interest, and invest in a selection of passive, low-fee, and tax-aware instruments.

 

Is your organisation searching for top fintech professionals? Randstad MENA can assist with search, selection, and retention of UAE talent with expertise in banking and technology. Get in touch with our team today to find out more. 

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