The UAE has been witnessing a boom in the fintech and e-commerce industries, and women entrepreneurs are playing an increasingly important role in this expansion. Women-led fintech and e-commerce platforms are disrupting the traditional business landscape in the country, providing innovative solutions to cater to specific needs. In this article, we will delve into four of the successful women-led fintech and e-commerce platforms in the UAE, their impact on the industry, and the changes they made in this highly competitive market.)
Souqalmal
Ambareen Musa founded Souqalmal, a financial comparison website launched in 2012, and has been changing the way people in the United Arab Emirates and Saudi Arabia manage their finances. Through Souqalmal, users can access information on over 3,200 financial products and services, including loans, insurance, and accounts management.
The platform is an excellent resource for people who want to better understand their finances and make informed decisions and improve their financial literacy. Souqalmal has attracted investments from some of the most prominent players in the financial industry, including GoCompare, Hummingbird, VentureSouq, U.A.E. Exchange, NNS Capital, and the Riyad Taqnia Fund. These investments have helped the company raise an impressive $15.2M in funding.
In March 2022, Souqalmal reached another milestone when SHUAA Capital acquired a major stake in the company. This acquisition was a testament to the success of the platform and the vision of its founder. By providing access to financial information, Musa is empowering people to take control of their finances and make informed decisions. This is especially crucial in the current economic climate, where financial stability is more important than ever.
Sarwa
Nadine Mezher is a pioneer in the financial industry. As the co-founder of Sarwa, a leading financial advisory platform, she is changing the way people invest and manage their finances. Together with Mark Chahwan and Jad Sayegh, Mezher established Sarwa in 2017, and it now serves a huge number of users. The company’s revolutionary approach to financial advisory has quickly become popular, with clients benefiting from the platform’s easy-to-use interface and comprehensive investment options.
Sarwa Trade, the zero-commission, zero-transfer fee trade podium, launched in March 2021, marked yet another step in the company’s development, providing users with a streamlined approach to trading, making it more accessible for people looking to enter the investment arena. With such impressive growth, it comes as no surprise that Sarwa has attracted significant investment from some of the biggest players in the industry. In 2021, the company raised $15M in funding from Mubadala Investment Company, Hambro Perks Oryx Fund, HALA Ventures, and Middle East Venture Partners, bringing the total funding raised to $25M.
These investments have helped Sarwa expand its offering, making it even easier for people to invest and manage their finances. KIPCO and California-based 500 Startups are among the many investors who have recognized the potential of Sarwa and supported its vision. By leveraging innovative technology, the company is making investment accessible and affordable to everyone. The platform provides personalized recommendations that cater to individual needs, taking the complexity out of investing and making it an enjoyable and fruitful experience for users.
Mumzworld
Mona Ataya and Leena Khalil are two inspiring entrepreneurs who have created a platform that has transformed the e-commerce landscape for parents and children across the Middle East. Their company, Mumzworld, has connected over 2.5 million users in the region, making it the go-to destination for parents looking for high-quality products for their families.
Established in 2011, Mumzworld offers a range of products, including baby care items, toys, clothes, and gear, all carefully curated to meet the needs of parents and children. The platform’s commitment to quality, convenience, and affordability has made it a favourite among its growing customer base.
Ataya and Khalil’s vision and hard work have resulted in six successful funding rounds, with $50M in funding secured for the platform. The most significant milestone, however, was the acquisition of Mumzworld by Tamer Group in June 2021, a testament to the platform’s success.
Mumzworld’s highest sales in 2021 were proof of the platform’s exponential growth, especially in Saudi Arabia and the GCC. Ataya and Khalil’s entrepreneurial spirit and dedication to Mumzworld’s success have not only transformed the online marketplace for parents and children but also provided countless opportunities for small businesses in the region to showcase their products and services to a wider audience. The success of Mumzworld demonstrates the potential of women-led startups in the region and the importance of creating platforms that cater to the specific needs of the community.
BitOsais
Ola Doudin, the co-founder and CEO of BitOasis, is one of the successful women who entered the world of cryptocurrency. BitOasis, a crypto trading platform, has been successful in attracting investors and users alike, making it a force to be reckoned with in the industry.
With a background in finance and accounting, Doudin has worked for several prominent companies, including EY, Fadi Ghandour, and Aramex, before taking the plunge and co-founding BitOasis with Daniel Robenek. The platform has been a game-changer in the region, offering a secure and reliable way to buy, sell, and store cryptocurrencies. Since its inception, BitOasis has raised $30M in funding through six rounds as of October 2021. In the same year, the platform traded $1.7B, showing the increasing interest and acceptance of cryptocurrency in the Middle East.
Doudin’s leadership has been critical in establishing BitOasis as a trusted and respected brand in the industry. Her vision has helped the platform expand its offerings, which now include a mobile app, a cold storage solution, and a fiat gateway. BitOasis has also partnered with leading financial institutions to enable users to deposit and withdraw funds.
With Doudin at the helm, BitOasis has not only succeeded in growing its user base and attracting investments, but it has also been instrumental in driving the adoption of cryptocurrency in the region. In a world where cryptocurrencies are becoming increasingly popular, Doudin’s work with BitOasis is a remarkable example of how female entrepreneurs can successfully navigate new and uncharted territory.
