Two years after its debut at FinovateMiddleEast, Kuwait-based financial services aggregator FinFirst is celebrating a 2020 that saw the company facilitate millions of dollars worth of financing applications since the launch of its financial services app last summer. The company, founded in 2015 by CEO Abbas Hijazi, unveiled a financial superapp that serves as a marketplace for banks and financial services companies to offer auto, personal, student, and healthcare loans, as well as credit cards and Buy Now Pay Later installment loans. FinFirst promises a secure and fast, 20-click application process that averages less than 10 minutes to complete.
FinFirst also announced this week that it has secured a total of $4 million in equity investment. The investors were not disclosed. Hijazi said the funding “demonstrates the level of confidence in the market for a product which is simply transforming the face of the financial services sector.”
Since it began offering services to the small business community in March of last year – just before the COVID-19 crisis hit – FinFirst has received $40 million worth of financing applications from SMEs. FinFirst also has received $7.7 million worth of consumer financing applications since it began offering consumer-based solutions in the fourth quarter of 2020.
The majority of FinFirst’s personal finance customers are pursuing consumer financing – approximately 60% – while auto financing represents the remaining 40%. The company reports a high 90% lead conversion rate on its superapp, making the platform an attractive option for FinFirst’s financial services partners.
“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,” explained FinFirst Chief Operating Officer Afrah Al-Hubail. She added that FinFirst plans to spend 2021 enhancing its offering, collaborating with financial services providers and fintechs, as well as forging more partnerships and adding new products.
Among the more recent alliances announced by FinFirst is its partnership with Kuwait’s Boubyan Bank. An Islamic digital bank with total assets of more than $17 billion as of 2019, Boubyan Bank has the National Bank of Kuwait as its major shareholder, and is regarded as one of the up-and-coming banks in the Gulf region. The institution’s CEO and Vice Chairman, Adel Al-Majed, was named Arab Banker of the Year 2020 by The Union of Arab Banks.