The UAE now has a handful of 'neo-banks', or pure-play digital banks, operating in the financial services space. Image Credit: Shutterstock

Dubai: The UAE digital-only bank Wio recorded a profit of Dh2 million in 2023, which is also its first full year of operations. Revenues came to Dh266.4 million.

Wio Bank thus has 'become one of the fastest neobanks globally to achieve profitability'. Customer deposits during the year went past Dh11 billion. The bank had launched operations in September 2022, and forms one of a handful of digital-only banking entities in the UAE.

"In less than two years, we have built the foundation of a tech-native, digital banking platform that caters to the needs of individuals and businesses for simpler, more accessible, more intuitive financial services," said Salem Al Nuaimi, Chairman.

Its 'Wio Business' platform now has features like multi-currency accounts, the UAE's Wage Protection System (WPS) system, and an SME Web App, which have 'collectively attracted over 50,000 customers' by end-2023. "This growth showcases Wio Bank’s commitment to supporting small and medium enterprises with robust banking solutions," said a statement.

The 'Wio Personal' has onboarded 40,000 plus customers and with over Dh6 billion in deposits by end of last year.

"Our platform banking solutions - Wio Business and Wio Personal - have experienced substantial growth and received high customer ratings," said Jayesh Patel, CEO.