Oman’s Raaz builds AI-Powered financial wellness platform

By Vriti Gothi

A Omani FinTech startup, Raaz, is seeking to address gaps in household financial planning by offering a data-driven mobile platform designed to help families better understand and manage their finances.

Founded by Daanish Khan, Raaz – formerly AiN Technologies – emerged from a personal experience. Khan said the idea developed as he and his wife reviewed their finances while planning for their son’s education.

Established formally about a year ago, Raaz was later joined by Aflah al Lawati as a partner and Al Waleed al Musafir as marketing associate. The name “Raaz” is derived from Arabic, meaning “to weigh” or “measure value”, reflecting the company’s emphasis on balanced financial decision-making. It also carries the meaning “secrets”, which the founder said aligns with its focus on extracting insights from financial data.

The mobile app consolidates data from multiple user accounts into a single interface, automatically categorising transactions to provide an overview of spending patterns and trends. Users can set budgets, monitor progress and receive personalised recommendations based on their financial behaviour.

Unlike traditional personal finance applications that primarily visualise transactions, Raaz integrates data analytics and machine learning to refine insights over time. The approach reflects a broader industry shift toward AI-enabled financial wellness tools, as FinTech firms across the GCC increasingly focus on personalisation and embedded financial services.

The company has secured early-stage backing, including initial funding from ITHCA, and participated in the Omantel Innovation Labs accelerator programme. Khan described access to mentorship and ecosystem support as critical during the startup’s early development phase.

Data protection remains a central consideration, he said, with the platform complying with Oman’s Personal Data Protection Law and applying encryption and controlled access protocols to safeguard user information.

An initial prototype was released earlier this month to a limited user group, with feedback being incorporated into the next iteration. A full public launch is planned in Oman, followed by expansion into other GCC markets.

As digital financial services adoption accelerates across the region, platforms such as Raaz signal growing local innovation aimed at strengthening household-level financial resilience. “The only real failure is not trying,” Khan said, encouraging aspiring entrepreneurs to take calculated risks and experiment.