Kuwait’s FinFirst reports multi-million dollar first year deals
KUWAIT: FinFirst, the innovative digital financial services facilitator has closed a total of $4 million of equity investment from institutions and individuals. “This demonstrates the level of confidence in the market for a product which is simply transforming the face of the financial services sector,” said Abbas Hijazi, Group CEO of Kuwait-headquartered FinFirst Capital.
The FinFirst super app and web platform allows businesses and individuals to apply for a range of financial services in less than 20 clicks with a matching service with selected banks. Following its March 2020 launch of services for the SME sector, FinFirst has received $40 million worth of financing applications from small-to-medium enterprises and $7.7 million worth of consumer applications being received since
the launching of products to this segment in Q4 2020. “Of the personal finance applications represented the majority - 60 percent - of the consumer applications, with the remaining 40 percent being taken up by applications for auto-finance. The results are clear: about 90 percent of leads received on our super app convert after rejecting poor leads based on bank criteria - this is exponentially higher compared to price comparison sites, digital ads, and organic traffic.
In addition, we have successfully converted a growing number of financial services providers who are impressed by FinFirst’s ‘Pay as you lend’ approach which exposes them to opportunities for higher conversation rates and lower client acquisition costs,” explained Country CEO Kuwait, Afrah Al-Hubail.
“These first-year results stand us in good stead to build upon a solid foundation of strong business and consumer appeal which is enhanced by the speed and ease of our digital application app. In the coming year we will look to enhance our offering further working with existing finance providers and extending our partner and product base.” The FinFirst App is a
secure, digital app-based financial services marketplace which facilitates banking, financial services, and financial processing from anywhere, at any time and instantly matches users with the best providers. This one-stop shop for financial needs is transforming the industry by making physical interaction, paper transactions or bureaucracy obsolete. FinFirst is providing transparent services across Business Banking and Consumer Banking.