Five FS (Five Financial Services) raised $3.5 million in a Seed investment round led by Zeyshare Ventures to launch in the UAE and Saudi Arabia.
Five FS was founded by Bogdan Atanasiu and enables users to access better rates for the 5 essential financial services loan, mortgage, deposit, insurance and leasing.
Five FS is currently available on the United Arab Emirates and Saudi Arabia markets, and “will continue to extend solutions within the region over the following period with the goal of becoming the global to-Go place for users to access better rates for financial services,” according to their press statement.
The capital raised will be used by Five FS for further product development, including the development of a digital wallet and the launch of a debit card.
“Considering the current and upcoming economic situation, Five FS comes as a response to people’s need for more affordable financial services, whether we talk about accessing a loan, mortgage, insurance or even leasing. We have launched a unique solution, initially, available in UAE and KSA, which puts the regional financial institutions at the same table to enable our individual users to actually get a better rate for their desired financial service,” Bogdan Atanasiu, Founder & CEO of Five FS, said.
The startup has another feature named Embedded Five, which enables businesses to easily embed Five FS’ solutions into their offering to enable their customers to access better rates for the 5 financial services. Their partners include merchants both e-commerce and physical stores, services providers, real estate and automotive businesses.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.