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Wio Bank Achieves Profitability in First Full Year, Reports Exceptional Growth in FY 2023

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wio bank

Wio Bank PJSC, the region’s first platform bank built to serve tomorrow’s customers, has announced its financial results for the fiscal year 2023, underscoring its rapid journey to profitability. As a leading choice for SMEs, the company reported a revenue of AED 266.4 million and a net profit of AED 2 million, marking its first full year of operations with impressive profitability since its launch in September 2022.

This milestone is particularly notable as Wio Bank has become one of the fastest neobanks globally to achieve profitability without compromising on customer-centric innovation. Customer deposits have surged past AED 11 billion, a testament to the growing trust and adoption of Wio’s services. The uptake is largely driven by the popularity of Wio Business and Wio Personal accounts, which have captured substantial market share in the SME and consumer banking segments.

H.E. Salem Al Nuaimi, Chairman,highlighted the role Wio Bank is playing in driving the UAE’s digital economy: “Our achievements in 2023 reflect our commitment to innovation and customer satisfaction. In less than two years, we have built the foundation of a tech-native, digital banking platform that caters to the needs of individuals and businesses for simpler, more accessible,  more intuitive financial services. Aligning with Abu Dhabi’s Economic Vision 2030 and the broader UAE vision, we are dedicated to fostering a digital economy that is innovative, dynamic, yet resilient. We are poised for further success and are confident in our ability to achieve even greater milestones in the future.”

Jayesh Patel, CEO, emphasized the significance of the bank’s early profitability, “Our ability to achieve profitability in our first full year is a monumental milestone that highlights our industry leadership and commitment to transparency. Our platform banking solutions, Wio Business and Wio Personal, have experienced substantial growth and received high customer ratings, reflecting our dedication to providing an exceptional digital experience. As we shape the future of banking, we remain focused on continuous innovation and developing advanced solutions to meet the dynamic needs of tomorrow’s customers.”

Prakash Sunkara, Chief Financial Officer, highlighted the financial success, “Our revenue growth to AED 266.4 million and net profit of AED 2 million in our first full year demonstrate our commitment to operational excellence and prudent risk management. This profitable growth has been achieved without compromising on customer-centric innovation, positioning us to continually set new benchmarks in the digital banking landscape.”

In the realm of SME banking, Wio Business has seen remarkable enhancements, introducing features like Multi-currency Accounts, the Wage Protection System (WPS), and an SME Web App, which have collectively attracted over 50,000 customers by year-end. This growth showcases Wio Bank’s commitment to supporting small and medium enterprises with robust banking solutions.

Launched in July 2023, Wio Personal quickly gained traction, amassing over 40,000 customers and exceeding AED 6 billion in deposits by year-end. The platform’s rapid adoption is fuelled by its innovative features, including fully digital onboarding, multi-currency accounts, and a competitive savings campaign, which have resonated strongly with retail customers seeking modern banking solutions.

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Financial

SemanticPay: Pioneering Seamless AI Transactions for the Agent Economy

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SemanticPay

A cutting-edge AI startup emerges from stealth, announcing the launch of SemanticPay, a groundbreaking solution designed to power the emerging AI agent economy. SemanticPay is set to become the essential infrastructure that enables AI-powered agents to seamlessly transact and create value in the digital world. Developed by a team of AI, FinTech, and Web3 experts, SemanticPay will establish the monetization layer necessary to support autonomous AI agents, positioning itself as the first mover in this transformative space.

The rapid evolution of AI, decreasing compute costs and breakthroughs in AI models like DeepSeek R-1 are democratizing access to powerful AI leading to the proliferation of autonomous “AI agents” – intelligent systems capable of executing complex tasks, optimizing workflows, and unlocking new revenue streams. However, the current internet infrastructure, designed for human interactions, presents significant challenges for AI agents to transact seamlessly. “The internet was built by humans for humans, not agents,” says one of the co-founders of SemanticPay. Challenges arise such as compatibility issues with human-centric systems, regulatory uncertainty that slows adoption rate, restrictive firewalls that misidentify agents as bots, and outdated monetization models not suited for microtransactions.

This is where SemanticPay steps in – building the “Visa for AI” – a comprehensive platform that addresses these challenges and empowers AI agents to become full participants in the digital economy. SemanticPay builds a robust transaction infrastructure that allows AI agents to securely interact, access services, and engage in economic activity. By developing a specialized infrastructure, they will eliminate these constraints and unlock new opportunities for an AI-powered economy.

Key Features of SemanticPay Include:

  • Access: SemanticPay’s Agentic API layer ensures that AI agents can access web services and data sources seamlessly, unlocking new opportunities for interaction and information retrieval.
  • Identity: Traditional internet structures often categorize AI agents as bots, blocking their ability to perform legitimate tasks. Through Agent ID and “Know Your Agent” (KYA) protocols, SemanticPay establishes a secure, compliant framework for transactions, building trust and ensuring regulatory adherence.
  • Payment: The platform will offer optimized payment rails, supporting fiat currencies, stablecoins, and cryptocurrencies for high-frequency, low-value transactions crucial to the AI agent economy.
  • Empowerment: Value-added services such as data analytics, decision-making tools, and access to specialized AI models will enhance the capabilities of AI agents, driving efficiency and growth.

Rooted in the GCC, SemanticPay aims to scale globally, with its team currently having a presence in APAC and Europe. They are building the foundation for a new AI-powered economy that bridges the gap between web operators and AI agent builders – paving the way for a future where these intelligent agents play a vital role in our digital world, driving innovation and creating value for all stakeholders.

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Financial

Hasnae Taleb and Jeff Ransdell to Drive Innovation in UAE with a $45 Million to Support UAE Startups

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Mintiply & Fuel Venture

Jeff Ransdell, Managing Director and Founding Partner of Fuel Venture Capital, and Hasnae Taleb, Managing Partner of Mintiply Capital, are making waves in the UAE investment landscape by introducing a $300 million vintage fund. This ambitious initiative dedicates $45 million specifically to fuel the growth of startups within the GCC region. The fund is strategically structured to offer regional investors a rare opportunity to capture exponential returns by backing high-growth ventures before they reach public markets.

The collaboration between Mintiply Capital and Fuel Venture Capital takes the form of a Special Purpose Vehicle (SPV), leveraging both firms’ unmatched expertise in capital markets and venture investments. With decades of collective experience, Ransdell and Taleb are uniquely positioned to guide companies through the critical phases of growth, scaling, and eventual public listings. Their shared vision is built on the understanding that private market investments in pre-IPO companies have the potential to generate immediate returns of up to 200% from day one, presenting a transformative proposition for investors across the UAE and broader GCC region.

The vintage fund provides access to an elite portfolio of high-potential startups backed by Fuel Venture Capital. Notable names include:

            •           Betr – A disruptive sports betting platform co-founded by Jake Paul, integrating real-time engagement with microbetting.

            •           Curve – A fintech innovator providing a single card that aggregates all financial accounts into one seamless experience.

            •           CookUnity – A chef-to-consumer platform redefining meal delivery with curated, gourmet-quality meals.

            •           Novopayment – A fintech infrastructure company driving digital payments innovation across the Americas.

            •           Aexlab – A pioneer in virtual reality gaming and social engagement technologies.

These companies are not just building market-leading products; they are poised to reshape industries and create outsized investment returns when they enter the public markets.

Jeff Ransdell and Hasnae Taleb believe in creating pathways for local investors to participate in the most promising global opportunities. This vintage fund provides GCC-based investors exclusive pre-market access to disruptive businesses that would otherwise remain out of reach until a much later stage.

Jeff Ransdell, founder of Fuel Venture Capital, brings a remarkable career spanning decades in public markets. As a former Managing Director at Merrill Lynch, he led a team responsible for managing a staggering $130 billion in assets for some of the world’s most influential investors. His deep understanding of capital markets, asset management, and scaling high-growth companies provides him with a unique ability to identify and nurture disruptive startups poised for exponential success.

Hasnae Taleb shattered barriers as the youngest equity trader on Wall Street and the first Arab African woman to achieve such recognition in global capital markets. Known for her sharp analytical mind and fearless decision-making, Taleb earned the nickname “Shewolf of Nasdaq” for her unparalleled ability and navigate high-stakes trading scenarios with precision. Now, as Managing Partner of Mintiply Capital, she leverages her expertise in trading, equity markets, and entrepreneurship to build ecosystems that empower innovators and investors alike.

“Both Jeff and I understand what it takes to list companies and the immense value creation that occurs before a company goes public,” said Hasnae Taleb. “We are bringing this opportunity to investors in the region to give them access to exceptional returns and a strategic advantage over traditional investment avenues.”

Jeff Ransdell added, “The GCC market is evolving rapidly, and there’s a growing appetite for sophisticated investment vehicles. This fund delivers exactly that — it empowers investors to support transformative businesses while capturing the kind of returns typically reserved for institutional players.”

The introduction of this vintage fund and the strategic partnership between Mintiply Capital and Fuel Venture Capital reflect a shared commitment to enhancing the financial ecosystem in the UAE and KSA. By supporting visionary entrepreneurs and scaling innovative businesses, the duo aims to foster sustainable economic growth and establish the region as a hub for entrepreneurial excellence and venture capital success.

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Financial

Ransomware Payments Dropped 35% in 2024 as Over Half of Victims Refused to Pay Cybercriminals

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Chainalysis

After ransomware gangs extorted a record-breaking US$1.25 billion in 2023, and the value stolen in the first half of 2024 rose 2.38% year-on-year, cybercriminals seemed poised for another record payday. However, a sharp pullback in the latter half of 2024 radically changed the year’s outcome, instead resulting in overall ransomware payments seeing a sharp and encouraging 35% decline.

This is according to findings from the Chainalysis 2025 Crypto Crime report, which also noted that the US$813 million attackers extorted from their victims last year included a record-breaking outlier in the US$75 million paid by an undisclosed victim to the Dark Angels group. “For years now, the cybersecurity landscape seemed to be hurtling towards a so-called ransomware apocalypse, so this sharp decline, to levels even lower than those in 2020 and 2021, speaks to the effectiveness of law enforcement actions, improved international collaboration, and a growing refusal by victims to cave into attacker’s demands,” said Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis.

Another positive trend is the widening gap between the amounts demanded by bad actors and the actual payouts made by victims — in H2 2024, there was a 53% difference between the two. Moreover, despite the number of ransomware events actually increasing in the second half of 2024, the number of on-chain payments declined, suggesting that while more victims were targeted, fewer paid. In cases where victims did pay attackers, on average, the final amounts for these ransoms typically ranged between US$150,000 to US$250,000, regardless of attackers’ initial demands.

For attackers who received payments, Centralized Exchanges (CEXs) were a preferred means of converting their crypto gains into fiat currencies. Consequently, actions such as the sanctioning of Russia-based exchange, Cryptex, and the German Federal Criminal Police (BKA)’s seizure of 47 Russian language no-KYC crypto exchanges — both in September 2024 — have impacted the ability of ransomware actors to launder their illicit earnings. Chainalysis data shows that substantial volumes of crypto funds extorted by ransomware groups last year continue to be held in personal wallets.

“Ransomware operators, a primarily financially motivated group, are abstaining from cashing out more than ever. This potentially indicates a fear of being traced, identified, and prosecuted by law enforcement agencies, made possible with the help of crypto investigation tools such as those provided by Chainalysis,” added Koven.

While these developments bode well for businesses that have long battled the threat of ransomware, Chainalysis warned against complacency. “Today, 7-8 figure ransoms have become the outliers, as the ransomware actor landscape is dominated by groups extorting low- and mid-value payments,” Koven explained. “With smaller businesses also in the crosshairs, protecting these organisations is critical to economic resilience as in the UAE for example, the country’s over half a million SMEs contribute as much as 63% of the nation’s non-Oil GDP. It will take sustained collaboration and innovative defences to build on the progress made in 2024, and ensure organisations across all segments stay protected against the threat of ransomware.”

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