UnaFinancial seeks $15m for its digital finance app in UAE
By Delisha Fernandes
UnaFinancial, an international FinTech group of companies, is set to raise $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. The FinTech group has already provided initial funding for the startup.
Natalia Ishchenko, CEO of UnaFinancial, said, “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 $100 million 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.”
The company is looking to raise funds for the second round to cover internal IT development and marketing expenses. Additionally, the project is open to technology and business partnerships.
UnaFinancial develops easy-to-use digital financial solutions in the Middle East, Asia and Europe. Through its AI-based, machine learning and data-driven technologies and processes, UnaFinancial provides precise and comprehensive risk management, comfort and speed for customers.
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. The app should introduce a digital wallet and credit products in the long term.
Viktor Kasianov, CEO of the project, said, “We understand the UAE’s rich landscape and diverse financial needs, being a melting pot of different cultures and nationalities. As such, our platform will not only leverage artificial intelligence to help customers make smart and informed decisions but also provide in-app financial education to empower investors of varying investment expertise. Likewise, our app will offer goal-setting and progress-tracking features to allow users to monitor their investments’ performance and visualize their financial journey.”