Dubai-based financial services platform Five FS has launched in the UAE and Saudi Arabia, and raised US$3.5 million in seed funding led by Romanian vc firm Zeyshare Ventures at a US$30 million valuation.
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 can 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 allows 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.
“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,”
Bogdan Atanasiu, Founder and CEO of Five FS.
