UnaFinancial, an international fintech group of companies, is seeking to raise up to $15 million to launch a finance app in the UAE in 2024. The service will address the spending, investing and borrowing needs of customers.
The digital finance app will become the first product in the Middle East for its parent company UnaFinancial, which has been developing fintech services in APAC and Europe since 2015. UnaFinancial has already provided initial funding for the startup. Now, it is looking to raise funds for the second round, which will cover internal IT development and marketing expenses. Additionally, the project is open for technology and business partnerships.
Over the past years, the UAE has seen rapid growth in finance app installments, which rose by 55% in 2021. The digital finance app designed by UnaFinancial will be aimed to meet the growing demand. One of its products will be an online investment platform, enabling clients to acquire and trade multiple asset classes like equities, forex, bonds, commodities and derivatives. In the longer-term, the app is also supposed to introduce a digital wallet and credit products.
Natalia Ishchenko, CEO of UnaFinancial, commented “A wide range of services, strong technological base and the long-term expertise of our team in FinTech, IT, banking and investment gives us a competitive edge and confidence in the success of the future product. We expect the app to gain over 1 million customers and more than US$100 mln in revenue by 2028. We believe that collaboration with regional investors and market experts will help us make a valuable contribution to the local FinTech industry.”