UAE-based financial comparison website eyes expansion in Gulf, North Africa

UAE-based financial comparison website eyes expansion in Gulf, North Africa

A UAE-based financial products comparison website and app has plans to expand its services into the wider Gulf and North African markets, according to its co-founder.

BankOnUs launched its app last month and has already garnered 22,000 unique users while 140,000 customers have purchased a financial product from the website since its launch two years ago and 240,000 users have accessed the site to compare financial products.

BankOnUs currently serves only the UAE market but co-founder Dhruba Jyoti Sengupta, told Arabian Business there are plans to expand across the GCC and North Africa by the first quarter of 2021.

BankOnUs walks users through the journey of selecting a credit card from the 1,500 on offer in the UAE, bank loan or insurance policy most suited to their needs.

“In the financial services market, there is a lot of asymmetry of information where the bank knows a lot more than the client. You almost feel you are this little guy being taken advantage of,” said Sengupta.

Dhruba Jyoti Sengupta, Co-founder, BankOnUs

“Unless information is aggregated and presented in a manageable way, the consumer cannot process the information and benefit from it,” he added.

Sengupta identified a market need for a more efficient way of selecting and benefiting from