Finneva's SEO, Vikas Jha, Heads Initiative to Address Shortfall in Small-Medium Enterprise Financing
In the heart of the Middle East, a fintech startup named Finneva is making waves, aiming to address a staggering $250 billion SME funding gap in the region. Led by CEO Vikas Jha, who brings over two decades of experience in financial services, Finneva is poised to revolutionise the landscape of small and medium-sized enterprises (SMEs) financing.
Finneva's long-term goal is to influence and impact 1% of the SME financing gap in the region over the next 36 months, which equates to facilitating around USD 3 billion. To achieve this, the company is primarily focusing on the UAE, where over half a million SMEs present a significant opportunity. Beyond the UAE, the MENA region offers natural expansion opportunities due to the similarity in supply chains across countries such as KSA, Egypt, Oman, Qatar, and Kuwait.
Finneva differentiates itself from traditional working capital solutions by offering an end-to-end solution, managing the entire operational journey of SMEs. This holistic approach allows Finneva to provide a more comprehensive solution, addressing various challenges faced by SMEs in the region.
The company relies on partnerships and APIs to streamline onboarding and compliance processes, ensuring a smooth and efficient experience for its clients. Finneva's approach is dynamic, and they are open to exploring additional sectors where their solutions can provide significant benefits to SMEs.
Finneva aims to facilitate roughly USD 1 billion in financing for SMEs over the next 18 to 24 months. To achieve this, the company has adopted a comprehensive risk assessment model that goes beyond traditional reliance on financial statements and past performance. This model ensures a more accurate and informed decision-making process, reducing the risk for both Finneva and its clients.
Finneva's solutions are designed to ensure that corporates benefit as well, such as receiving better, just-in-time products through an improved supply chain. The company leverages blockchain technology as a member of Haifin, a blockchain consortium in the UAE, to build trust among financial institutions. AI plays a significant role in Finneva's operations, automating data-intensive tasks and improving credit management, onboarding, and generating insights.
However, Finneva faces challenges in adapting to the regulatory landscape, particularly in designing tailored solutions that meet financing requirements of various banks. Despite these challenges, Finneva remains committed to its mission, driven by the opportunity to address SME funding gaps and drive innovation.
Finneva is a regulated fintech based in DIFC, known as MeCred (DIFC) Ltd. The company's acquisition strategy is primarily driven by word-of-mouth referrals and anchor corporates. As Finneva continues to grow and expand, it is set to become a key player in bridging the SME financing gap in the MENA region.
- Finneva's innovation in SME financing aims to impact 1% of the regional funding gap, equating to approximately USD 3 billion over the next 36 months.
- Led by CEO Vikas Jha, Finneva is focused on addressing the USD 250 billion SME funding gap in the Middle East, primarily in the UAE where over half a million SMEs offer significant opportunity.
- Finneva differentiates itself from traditional working capital solutions by offering an end-to-end solution that manages the entire operational journey of SMEs.
- The company's holistic approach addresses various challenges faced by SMEs in the region and relies on partnerships and APIs to streamline onboarding and compliance processes.
- Finneva aims to facilitate roughly USD 1 billion in financing for SMEs over the next 18 to 24 months through a comprehensive risk assessment model that goes beyond traditional reliance on financial statements and past performance.
- Finneva's solutions are designed to benefit corporates as well, such as enabling better, just-in-time products through an improved supply chain.
- The company leverages blockchain technology and AI to build trust among financial institutions and automate data-intensive tasks, respectively.
- However, Finneva faces challenges in adapting to the regulatory landscape, particularly in designing tailored solutions that meet financing requirements of various banks.
- Based in DIFC, Finneva is a regulated fintech (MeCred [DIFC] Ltd) with an acquisition strategy driven by word-of-mouth referrals and anchor corporates, set to become a key player in bridging the SME financing gap in the MENA region.
