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MyMoneySouq

https://magnitt.com/startups/undefined/mymoneysouq

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Company Information

MyMoneySouq is a financial marketplace launched in UAE in end 2016 and helps users in procuring a loan, an insurance policy or a credit card or savings account or any other financial product.

As of now, in a span of just 2 years, we are among the top 3 players in the market and have a traffic of 80K+ users every month. We are doubling our traffic every 2-3 months and shall be the number 1 player in the region in next 6 months. Our organic traffic is highest in the region.

Common woes of users in this space are lack of proper customer support, delayed paperwork, lack of a single point of contact, and we are striving to change that. Only 20-25% of the population have ever purchased any financial product online. Only <5% of all financial products sold in UAE are through online channels - and thus we see a tremendous room of growth.

We are essentially a B2B2C player, and our primary paying customers are the banks and other financial organisations in the UAE region. We make life easier for them by streamlining their lead generation process that saves them humongous amounts of money. As of now we are partnered with 4 paying banks and pilots/talks are in progress with several others. Our revenue model is either Cost per Lead or Cost per Conversion depending on our agreements with the organization.

In addition to providing raw leads to the banks, we are aggressively working on introducing a conversion based model which would increase our revenues by at-least 3 fold. This includes customer support, lead tracking for end-users, credit score checking, document and paperwork logistics to complete application for any kind of financial product. We have built most of the technology components and now are working with partnering banks to launch in the market.

Our primary marketing channel is through SEO and digital marketing. And we have seen tremendous traffic growth in the past year - with a monthly growth rate of around 50%. We see a snowball effect in the growth of traffic and leads and are confident that our rise would be exponential in the coming months.

Date Founded 10/2016

Primary Industry N/A

Founders 4

Team Members 11 - 20

Business type N/A

Development Stage Growth

Revenue generating Yes

Linked Institutions N/A

Demographics

Headquarter: United Arab Emirates (UAE)

Branches: N/A

Industries: N/A

Geographical focus: United Arab Emirates (UAE)

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