US-based auto sector financial technology startup Way.com is set to enter the UAE market, marking yet another success for the Gulf country’s recently announced policy to attract foreign investments and talents in the technology sector.
Way.com, a D2C – direct-to-consumer marketplace – will offer a basket of services in the auto sector such as car financing, car insurance, breakdown services, car wash, and parking assistance to customers in the UAE market.
The venture offers these services in tie-ups with operators across these verticals in the market.
“We plan to set up our office in Dubai at the earliest and roll out our services in the next 3-6 months,” Binu Girija, company founder, and CEO, said.
“We will be focusing on the Dubai market and will be looking to invest up to $5 million in the initial phase to commence our operations,” revealed Girija, the Indian-American founder of the Silicon Valley incubated startup.
Girija said the leadership’s vision to make Dubai – and also the UAE – as a world-class city and destination for a quality living has been attracting tech-savvy population in numbers, making it a highly tech-savvy market.
“This, we believe, will offer bright prospects for our business model,” he said.
Girija said the venture has already begun the preparatory work for its UAE entry plans with initiating talks with operators in various verticals in the auto sector in Dubai for tie-ups.
“We are also open to entering into a partnership with a local company which will help us to get a head start and achieve faster growth in the UAE and the larger GCC market,” he revealed.
Way.com’s auto insurance vertical, launched in November 2020, achieved $60 million in annualised premiums in its first year in the market.
It partners with over 120 carriers and provides customers with the most competitive rates available for auto, renters, motorcycle, and home insurance.
