New fintech start-up Five FS launches in the UAE and KSA markets
Five FS is a new Dubai and Berlin-based fintech that aims to provide users with free access to “better rates” for five “essential” financial services – loans, mortgages, deposits, insurance and leasing.
Five FS founder Bogdan Atanasiu
The start-up has officially launched as of today in the UAE and Saudi Arabian markets.
It intends to offer better rates by “putting regional financial institutions in direct competition for each request via our proprietary bidding process”.
Customers who need to access one of the five financial services can sign up for an account with Five FS and put in a request. The start-up’s partner financial institutions will then “compete” in a bidding process within 24 to 48 hours of the request. Users can then choose whichever institution offers the best rate, free of charge.
Five FS has also developed Embedded Five which enables businesses to embed its solution onto their platforms to help their customers access better rates for the five financial services.
Five FS claims the implementation for businesses can be done “within one minute” via a customisable digital button or QR code. Businesses can also receive commission for each financial service users avail through the embedded solution.
“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,” says Bogdan Atanasiu, founder and CEO of Five FS.
“The advantage for users is obvious – better rates and the possibility to access them fast and simple, but there is also a benefit for our partner financial institutions for whom Five FS works as a customer acquisition channel,” he adds.
Atanasiu previously founded Octobank in 2020, a neobank in the Czech Republic, which has since been acquired by an undisclosed banking group.
