UnaFinancial seeks $15m for app launch in UAE
UnaFinancial, previously Robocash Group, is aiming to raise $15m (£12.4m) in capital to launch an app in the United Arab Emirates (UAE) next year.
The digital finance app will be the fintech’s first product in the Middle East. The service will look to address customers’ spending, investing and borrowing needs. UnaFinancial’s chief executive Natalia Ishchenko expects the app to have more than $100m in revenue by 2028.
UnaFinancial, which has been developing fintech services in Asia-Pacific and Europe since 2015 has provided initial funding for the new app and is now looking to raise funds to cover IT development and marketing expenses. Earlier this month, the group announced a partnership with wealthtech provider Velexa for the launch of the investment app.
The group said it is also open to technology and business partnerships.
Read more: Robocash Group rebrands as UnaFinancial
The app will offer an online investment platform, giving access to multiple asset classes such as equities, forex, commodities and derivatives. In the long term the plan is also to roll out a digital wallet and credit products.
“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,” Ishchenko said.
“We expect the app to gain over 1 million customers and more than $100m 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.”
Viktor Kasianov, chief executive of the project, added: “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.”
UnaFinancial owns the European peer-to-peer lending platform Robo.cash, which has confirmed that it will not be changing its branding despite its parent company’s rebrand. The group posted a revenue of $139.1m in 2022 and a net profit of $13.1m.