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Help with Finance

A financial advisory aggregation platform driven by data

UAE
Market: Financial services, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 14.10.2020
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Idea

Advice is only for the wealthy, 66% of the world is financially illiterate, yet the world is becoming more connected financially and Fintech applications are being built at a rate never seen before. There will be a million and one Fintech apps on the market but whats right for the consumer? Our idea is to create a platform that educates through video content and then facilitates the correct service based on the data the client provides. This is where we come in. Collect data, educate and aggregate becoming the booking.com of financial services for the Middle East and beyond.

Current Status

We worked offline for around 12 months and now have a working prototype for the debt vertical of the business. In the first 3 months we have brought on 166 clients with full financial details, with 29 of these paying customers at this early stage. We have secured revenues from this one vertical of 4600USD.

Market

We have begun with the debt market, due to lower entry barriers and larger levels of financial illiteracy. Our actual market fit is for the majority of the population that require access to financial services. The product goal is to scale into multiple juristictions.

Problem or Opportunity

Advice is only for the wealthy and financial literacy is low. The banks previously had a monopoly on the lower income market and did not educate this demographic. The world is now becoming a more financially inclusive place with a massive amount of financial applications being built across the world. This gives us an opportunity to build a platform which educates the large proportion of the world that isn't financially savvy and offer them the correct financial services they require based on their situation in their lives. We have used debt as a great entry point to this opportunity due to the need for advice, lack of literacy and willingness to provide data to give an optimal solution.

Solution (product or service)

Currently in the market when consumers make decisions on financial products or services it is rarely driven by the clients needs and more simply by the offering of what the institution or adviser has available to sell to the client. Our technology will combine the data of the client, with a comparison type site model to ensure the client receives the optimal education and solution to make the correct decision with their finances. Making us as impartial as possible, creating far higher levels of transparency for the consumer.

Competitors

Financial Advisers
Banks (particularly challenger banks)
Debt Management Companies
Micro Finance providers

Advantages or differentiators

The key differentiation of us compared with competitors is our impartiality, we are not selling a product like in traditional financial services, we simply are providing everything based on education and data

Finance

Revenue streams come directly from referral fees similar to price comparison websites, along with management, consultation and evaluation fees.

Money will be spent on

Continued development of product
DFSA/FSRA licensing
ADGM/DIFC license

Offer for investor

We are looking to raise a round of 500,000USD at a pre money valuation of $3,000,000USD.
We are willing to take a minimum investment of 125,000USD on convertibles.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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