Wio Bank, the UAE-based platform bank built to serve tomorrow’s customers, achieved profitability in its first full year of operations, making it one of the fastest neobanks globally to achieve this milestone.Â
Wio Bank revealed its financial results for the fiscal year 2023, reporting a revenue of AED266.4million and a net profit of AED2million, marking its first full year of operations with impressive profitability since its launch in September 2022.
Jayesh Patel, Wio Bank’s CEO, also commented on the milestone: “Our ability to achieve profitability in our first full year is a monumental milestone that highlights our industry leadership and commitment to transparency.
“Our platform banking solutions, Wio Business and Wio Personal, have experienced substantial growth and received high customer ratings, reflecting our dedication to providing an exceptional digital experience.
“As we shape the future of banking, we remain focused on continuous innovation and developing advanced solutions to meet the dynamic needs of tomorrow’s customers.”
Customer deposits have now exceeded AED11billion, a testament to the growing trust and adoption of Wio’s services. Much of this uptake was driven by the popularity of Wio Business and Wio Personal accounts, which have captured substantial market share in the SME and consumer banking segments.
Building on early success
Prakash Sunkara, chief financial officer at Wio Bank, also commented: “Our revenue growth and net profit in our first full year demonstrate our commitment to operational excellence and prudent risk management. This profitable growth has been achieved without compromising on customer-centric innovation, positioning us to continually set new benchmarks in the digital banking landscape.”
Launched in July 2023, Wio Personal quickly gained traction, amassing over 40,000 customers and exceeding AED6billion in deposits by year-end. The platform’s wide range of features encouraged customer adoption, including fully digital onboarding, multi-currency accounts, and a competitive savings campaign.
Meanwhile, Wio Business has received several upgrades, introducing features like Multi-currency Accounts, the Wage Protection System (WPS), and an SME Web App, which have collectively attracted over 50,000 customers by year-end.
Salem Al Nuaimi, chairman of Wio Bank, discussed the bank’s role in driving the UAE’s digital economy: “In less than two years, we have built the foundation of a tech-native, digital banking platform that caters to the needs of individuals and businesses for simpler, more accessible, more intuitive financial services.
“Aligning with Abu Dhabi’s Economic Vision 2030 and the broader UAE vision, we are dedicated to fostering a digital economy that is innovative, dynamic, yet resilient. We are poised for further success and are confident in our ability to achieve even greater milestones in the future.”
