Dubai-based financial services platform Five FS has officially launched in the United Arab Emirates (UAE) and Saudi Arabia and also secured $3.5 million in seed funding.
Five FS’ investment round was reportedly led by Romanian VC firm Zeyshare Ventures “at a $30 million valuation.”
As noted in the update, Five FS helps users “get better offers for what it calls the five essential financial services—loans, mortgages, deposits, insurance and leasing—by pitting financial institutions against each other in a bidding process.”
Users are able to “submit applications for such services on the platform to be matched with Five FS’ partner institutions who will respond with offers that the users can then choose from.”
The company also “has embedded finance solutions for businesses that allow them to embed Five FS’ bidding technology into their offerings.”
Founded in 2022, the seed funding will be “used for further product development, including the development of a digital wallet and the launch of a debit card.”
Bogdan Atanasiu, Founder and CEO of Five FS, remarked:
“Five FS comes as a response to people’s need for more affordable financial services. We have launched a unique solution, initially available in UAE and Saudi Arabia, which puts the regional financial institutions at the same table to enable our individual users to actually get a better rate for their desired financial service.”
As noted by the firm’s management, Five FS (Five Financial Services) is “a FinTech that enables users to access better rates for the 5 essential financial services (loan, mortgage, deposit, insurance & leasing) by putting the financial institutions in a direct competition via our proprietary bidding process.”
With Embedded Five, businesses can “embed [their] solutions into their offering to enable their customers to access better rates for the 5 financial services.” Their partners reportedly “include merchants, services providers, real estate & automotive businesses.”
