DUBAI, UAE, January 24, 2023 – Personal financial empowerment startup Mafhoom Technologies announced today that the company is officially launching its minimum viable product (MVP), the Mafhoom app.
Available in app stores, the app gives users complete transparency and control over their money to make better financial decisions, save more money, and be ready to overcome the cost of living increases.
Mafhoom connects to all major Emirati banks through Open Banking using the latest secure technologies. This lets users get a detailed view of all their accounts in one place and stream financial transactions directly from their bank to their tools and budget to track cash flow, gain insights, and see personalized money-saving opportunities.
The startup is on a mission to become MENA’s leading autonomous personal finance management company and go-to personal financial decision-making app by creating an immediate positive impact on people’s financial lives. With too much economic uncertainty, financial overwhelm, and the absence of financial literacy, Mafhoom is designed to look after people’s financial best interests and empower them to plan better, spend less, and save more.
Mafhoom’s MVP experience includes a personalized budget creator, recurring payments tracker, categorized spending tracker, and advanced insights into personal finances. Planned data-powered features in the pipeline include a financial health check and a behavior-driven feed of money-saving ideas and personalized deals.
“The Mafhoom MVP is a chance for our users and partners to test the basic functionality ahead of significant updates and upgrades in the coming months. So what has been almost a year in the making now takes its first step toward becoming a reality,” said Ahmad Khatib, Mafhoom’s co-founder and CEO. “I am beyond excited to share the application with our users. Between the MVP launch and our active fundraising efforts, our mission of aiding people to take control over their money and future-proof their finances is becoming tangible.”
“A year ago, Ahmad and I asked ourselves, what’s next? That is how Mafhoom was born,” said Ziad Melhem, Mafhoom’s co-founder and CBO. “Our post-MVP focus now is on accelerating Mafhoom’s vision to help people in complex financial times, deepen our engagement with them, and improve their financial lives.”
“With our product seeing the light of day, we are looking forward to a funding round to test it with hundreds of users from varying demographics. This will also help us continue building our AI and machine learning capabilities by solving some engineering and design challenges,” said Tarek Abdelaziz, Mafhoom’s co-founder and CTO.
About Mafhoom: Mafhoom Technologies is a Dubai-based personal financial empowerment startup building an all-in-one intelligent personal finance app. Mafhoom app helps people take control of their money, optimize their spending behavior, lower their bills, get out of debt, improve their financial literacy, and achieve their saving and investing goals. The app is available for both iOS and Android devices. Mafhoom was founded in 2022 and incorporated in Dubai International Financial Center (DIFC) in the United Arab Emirates.