Platform compares financial and health insurance products
A Working in the investment banking sector,
During his studies in
Three years later, along with co-founder
Bayzat, which means cash or change in Emirati Arabic, launched in English last April with banking products, such as credit cards, car loans, home loans and time deposits.
This month, it launched a health insurance platform. And now, it is working on its Arabic portal, which is expected to be online in three months.
This is where websites such as Bayzat prove handy. And entrepreneurs have been quick to spot the gap in the past couple of years. In the small but growing market for such services, Bayzat competes with the likes of Souqalmal.com, www.moneyshop.ae, MoneyCamel.com and compareit4me.com, as well as nexuscompare.com from Nexus Insurance Brokers for insurance products.
"Financial aggregators have in many mature markets become the reference point for consumers, as they offer transparency, independent views [and a] one-stop shop," says
"Part of the audience is used to financial comparison in their home country and therefore look for the same when they get here," Ms Musa says.
"It is a transient population and therefore the need for education on how the banking industry or education industry work." Working for his own company is a 24-hour job but
Currently, Bayzat shows information of products from 27 banks and one insurance broker, through which it has brought insurance products from different local providers.
The company makes revenues by charging a commission from banking and insurance brokerage partners when people apply for a specific product.
"In the past quarter 40 per cent of the users applied for credit cards, 40 per cent for personal loans and the rest was split among auto loans and mortgages,"
Of its users, almost half are from the subcontinent and 20 per cent from
The majority, around 60 per cent, have a monthly income of between Dh5,000 and Dh15,000. A quarter of the users have an income between Dh15,000 and Dh30,000, and the rest earn more than Dh30,000,
At Souqalmal, personal loans and credit cards top the charts of popular products. By the end of the year,
Last month, Souqalmal raised
At Bayzat, the co-founders financed it with
Now that it is reaching a critical mass of users,
"We would like to expand to the other Gulf countries, but there's so much to do within the
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