Home Banking & Finance State-backed digital bank Wio Bank’s annual profit reaches $544,588

State-backed digital bank Wio Bank’s annual profit reaches $544,588

Launched in July 2023, Wio Personal gained traction, amassing over 40,000 customers and exceeding AED 6 billion in deposits by year-end

State-backed digital bank Wio Bank’s annual profit reaches $544,588
The neobank said customer deposits surged past AED 11 billion. Image credit: Wio Bank

State-backed digital bank Wio reported a full-year profit of $544,588 (AED 2 million) and AED 266.4 million in revenues in 2023, marking its first full year of operations since its launch in September 2022.

The neobank said customer deposits surged past AED 11 billion, a testament to the growing trust and adoption of Wio’s services. The uptake is largely driven by the popularity of Wio Business and Wio Personal accounts, which have captured substantial market share in the SME and consumer banking segments.

“Our ability to achieve profitability in our first full year is a monumental milestone that highlights our industry leadership and commitment to transparency. Our platform banking solutions, Wio Business and Wio Personal, have experienced substantial growth and received high customer ratings, reflecting our dedication to providing an exceptional digital experience,” said Jayesh Patel, the CEO of Wio Bank.

On the SME banking front, Wio Business has seen remarkable enhancements, introducing features like Multi-currency Accounts, the Wage Protection System (WPS), and an SME Web App, which have collectively attracted over 50,000 customers by year-end. The growth showcases Wio Bank’s commitment to supporting small and medium enterprises with robust banking solutions.

Launched in July 2023, Wio Personal gained traction, amassing over 40,000 customers and exceeding AED 6 billion in deposits by year-end.

The platform’s rapid adoption is fuelled by its innovative features, including fully digital onboarding, multi-currency accounts, and a competitive savings campaign, which have resonated strongly with retail customers seeking modern banking solutions.