Wio Bank Grows Over AED 37Bln in Balance Sheet in Second Full Year of Operations
Wio Bank PJSC has rapidly positioned itself amongst the top 10 most profitable neobanks globally and as a leading banking institution in the UAE for retail and SME deposits. This significant accomplishment comes just two years post its full-scale launch, highlighting an impressive transition from a market entrant to a market leader. As of December 31, 2024, the bank’s balance sheet size surpassed AED 37 billion, marking a growth of nearly three times Year-on-Year (YoY). This achievement sets a benchmark in demonstrating how digital-first and customer-centric banking models are meeting the modern customer’s needs while reshaping the financial sector.
“Our strong 2024 results are indicative of our dedication to bolstering the UAE economy by assisting entrepreneurs and businesses nationwide to build and expand,” expressed H.E. Salem Al Nuaimi, Chairman of the Board at Wio Bank PJSC. He noted that in just over two years, Wio has become the preferred choice for over 90,000 businesses, emerging as one of the largest business banks in the UAE. The bank’s personal proposition has seen significant growth, offering customers a robust platform to build, manage, and grow their wealth in a centralized manner.
Wio’s rapid ascent showcases a definitive market shift, challenging traditional banking models while setting new standards for digital financial platforms. As traditional banks navigate their digital transformations, Wio has adopted a strategy that has seen it surpass longstanding competitors.
Jayesh Patel, CEO of Wio Bank PJSC, emphasized, “In 2024, we continued our growth trajectory, offering our customers seamless, empowering, and rewarding banking solutions. We added over 140,000 customers during the year and reinforced our financial performance, generating AED 800 million in revenues and nearly AED 400 million in post-tax profits.” The bank introduced numerous innovative business offerings that empowered micro to large SMEs to use Wio as a growth platform, providing products like supply chain financing and credit solutions. Its personal banking offerings also saw significant scaling, integrating wealth management tools that enabled customers to access various equities, ETFs, and even invest in cryptocurrency assets.
Wio’s success is significantly powered by its platform banking strategy, supporting seamless financial integrations across crucial industries. The bank has enriched its ecosystem with strategic alliances involving healthTech, payment and accounting platforms, and enhanced engagements with trade licensing authorities for SME banking facilitation. Additionally, Wio has been pivotal in supporting record numbers of local IPOs, thereby fueling financial inclusion and business growth throughout the UAE.
“Our 2024 financial performance underscores the robustness of our business model, efficiency in operations, and scalability,” affirmed Prakash Sunkara, CFO of Wio Bank. “Achieving a balance sheet size over AED 37 billion in such a brief timeframe is a remarkable milestone for any bank. This growth was supported by a Year-on-Year deposit growth exceeding 200%, maintaining a cost-to-income ratio of 44%. Our revenue is well distributed with 45% derived from subscriptions and fees, and the remaining from net interest income, reflecting strong customer engagement and adoption.”
The remarkable performance of the bank highlights the UAE’s progressive regulatory framework and national vision, showing how such forward-thinking policies lead to globally impactful results.
About Wio Bank PJSC
Headquartered in Abu Dhabi, Wio Bank PJSC is the Middle East’s pioneering digital financial platform driving the transformation of banking for both individuals and businesses. With strategic backing from investors such as ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio merges innovative technology with a personalized approach to deliver smart, efficient financial solutions.
For personal banking, Wio offers intuitive tools empowering individuals to manage their finances adeptly, facilitating ease in saving, spending, and growing their wealth. On the business front, Wio provides entrepreneurs and SMEs with a holistic digital platform designed to streamline operations and open up growth avenues, simplifying financial management in the process.
Positioned as a leader in Banking-as-a-Service (BaaS) and embedded finance, Wio is redefining the banking landscape with innovative solutions that empower not just individuals and businesses but entire communities with the necessary infrastructure for sustainable long-term wealth creation. Through this comprehensive, user-friendly digital platform, Wio is disrupting traditional banking models while enhancing operational efficiencies and delivering value-added services through a transparent, personalized customer approach.
Wio Bank’s dedication to innovation has been widely acknowledged, with several accolades such as ‘#1 Fintech in MENA’ by a leading publication and the ‘Digital Bank of the Year’ at prominent awards in 2024, solidifying its reputation as a vanguard in digital banking excellence.
