The United Arab Emirates is known for closing the gap between idea and execution expeditiously, and here’s one in many examples- the country announced its Digital Economy Strategy in April 2022, aiming to increase its GDP contribution from digital services from 9.7% in 2022 to 19.4% over the next decade. Only a few months later, in September 2022, Wio Bank, the region’s first digital platform bank, began operations.

Headquartered in Abu Dhabi, and owned by the investment and holding company Abu Dhabi Holding, Wio Bank aims to redefine the banking experience in the country by closing the gap between the services offered by incumbent banks and the needs of millennials and tech-savvy customers.

To say that the bank was successful in this endeavor would be an understatement as the results of its first full year of operations surprised expectations- Wio Bank’s financial results for the fiscal year 2023 revealed that it became profitable in the first year already. The bank reported a revenue of AED266.4 million and a net profit of AED2 million, marking its first year in operations with impressive profitability. “We are one of the fastest neobanks globally to achieve this,” says Jayesh Patel, CEO of WIO Bank. “Also, achieving customer satisfaction is one of the greatest achievements which is reflected in the rating of our app and the comments on social media from our customers. Establishing the Wio team is also a big achievement. We have 45 nationalities working together to build amazing products at record time– and the diversity of the team translates into a diversity of ideas which ultimately drives our innovation.”

As the CEO of Wio Bank, Patel is shaping the platform bank as an intelligent financial partner for businesses and customers, providing solutions in three areas – digital banking apps, embedded finance, and banking-as-a-service solutions. With this offering, Wio Bank is helping SMEs grow and succeed. “Small and medium-sized enterprises globally often start with dreams and visions. Many begin as passion projects that grow into large, successful businesses. However, this journey is not without its challenges,” Patel explains. “Even if you have a great idea, executing it can be difficult. One of the key challenges is surrounding yourself with the right people and staying focused on your goals. This is true not just in the UAE but globally. However, the UAE offers unique advantages. It’s a thriving market with a mature digital ecosystem, where customers are highly receptive and willing to embrace new ideas. This openness gives businesses a significant edge in this region.” He adds that SMEs face challenges like budgeting and managing cash flow, which can be trickier than expected. “In this context, financial tools become essential,” Patel points out. “For example, we provide solutions for expense management and tools that simplify the transition into tax compliance, as taxation is becoming more prominent in the UAE.”

Patel is well familiar with the obstacles that SMEs encounter when growing their offerings due to his wealth of professional experience- during his previous posts at Deloitte and IBM in the US, and Liv, a digital bank of Dubai’s government-owned Emirates NBD, he focused on innovation and building on-demand digital solutions for a range of clients, including Fortune 500 companies. He advises, “Vertical scaling involves deepening your existing product or service offerings to capture more value within your current market. My key advice here is to focus on building sustained differentiation. One of the learnings we had at Wio Bank is that doing the hard things, like addressing critical gaps in the market, leads to long-term success. For example, when we launched Wio Business in 2022, we identified a significant gap in the market for SMEs needing digital-first banking solutions. We didn’t just build a bank, but we introduced features like fully digital account opening, automated savings tools, multi-currency accounts, and multi-user access—essentially creating a suite of services that stood out in a crowded market. This approach allowed us to become a leader in customer acquisition because we focused on what SMEs needed most, rather than just offering generic banking products.”

In the future, Patel says, Wio Bank will continue building on its vision to support the growth of SMEs. “So far, we’ve developed strong savings and money management tools, and now we’re expanding into credit solutions,” he says. “We’ve launched a straightforward and efficient credit card for SMEs, and we’re rolling out a ‘Quick Cash’ service to provide them with fast access to funds. We’re also introducing post-based financing, which will further address the credit needs of SMEs. Our goal is to strengthen our offering in this space and provide more comprehensive support for SMEs.” In addition, Wio Bank is working on enhancing capabilities to make business management even easier. “For example, we’re working on a feature where business owners can view and manage all their companies in one platform,” Patel explains. “We’re also opening up our application programming interface (API) to integrate with accounting software, continuing our mission to simplify financial management for businesses.” On the retail side, Patel adds, Wio Bank’s focus remains on adding long-term value for its customers,” he says. “We’ve developed robust savings products that deliver great value and spending tools that help users manage their money more effectively. Our philosophy is that you shouldn’t have to sacrifice living well today to secure your future. We’re focused on building products that balance enjoying life now while planning responsibly for tomorrow. Lastly, we’re continuing to partner with other digital ecosystems to ensure our services are seamlessly integrated and easily accessible to our customers.”

Scaling A Business: The How-To By Wio Bank’s CEO Jayesh Patel

Do: Focus on your core competencies and build an execution machine, even when you’re small. You need to deliver consistently at a high level if you want to scale vertically. Follow the revenue and aim for profitability—there’s no room for guesswork when it comes to delivering value.

Don’t: Avoid diluting your focus by trying to do too much too soon. For example, don’t chase trends or add features just for the sake of it. Every new product or feature must serve a clear purpose aligned with your core business.

Horizontal scaling involves expanding into new markets or customer segments. Here, my advice would be to ensure you have the right capabilities before entering new areas. Horizontal scaling is all about leveraging what you do well and applying it to new markets.

Do: Ensure you have the right infrastructure in place before scaling horizontally. Ask for help and seek partnerships or support from ecosystems that can help you grow.

Don’t: Don’t attempt to scale horizontally without a clear understanding of the new market or segment. Governance is crucial here—scaling without a strong foundation or adequate regulatory oversight can lead to failure. As we say at Wio, “Fake it till you make it” doesn’t apply to governance.

‘TREP TALK: Wio Bank CEO Jayesh Patel Advises Entrepreneurs

Understand where people are willing to pay “It’s crucial to have a clear view of your value proposition and build a profitable business around it.”

Focus on execution “Whatever you do, do it well. Build an “execution machine” that consistently delivers results. Success comes not just from having a great plan, but from executing it flawlessly.”

Communicate effectively “it’s not just about having a great pitch deck, it’s about delivering it effectively. How you communicate and execute your vision matters just as much as the vision itself. And remember, perseverance is key—stay committed, and success will follow.”