Wio Bank Reveals How They Reached Profitability Within Year One | Prakash Sunkara, Chief Financial Officer at Wio Bank

Purpose Driven FinTech

Wio Bank has become one of the fastest Neo-Banks globally to achieve profitability. In its first full year of operations, Wio reported a revenue of AED 266.4 million and a net profit of AED 2 million. Wio has over 50,000 Wio Business and 40,000 Wio Personal customers… and in today’s episode we go through the How they achieved such amazing success!

I speak with Prakash Sunkara, Chief Financial Officer at Wio Bank - and I have to say he’s a CFO that sounds like a CPO! He is absolutely super customer centric!

We discuss Wio’s story, their mindset and how that sets them apart, what’s the definition of innovation - in the eyes of Jayesh Patel, Wio’s CEO; and ways of working to bring it to life, the how they reached profitability, what happens once they hit month one of profitability, and finally we put Prakash in the hot seat with some fire side questions!

It’s a fascinating conversation!

Prakash has a long career in Financial Services and as a CFO - across both traditional financial services and FinTechs. Wio Bank is disrupting banking for consumers and small businesses in the UAE and has created an all-in-one digital financial platform to reboot banking for everyone!

We cover,

(00:00) The framework behind hitting profitability in year one

(03:55) Wio's Mission and Customer Focus

(05:52) Achieving Rapid Profitability

(06:37) Mindset and Ecosystem in Dubai

(08:23) Innovative Approaches in SME Banking

(13:05) Continuous Innovation and Customer Needs

(20:50) Strategic Thinking Behind Profitability

(25:53) Introduction to Platform Banking

(26:15) Innovative Features for SME Banking

(27:27) Customer-Centric Approach

(30:14) Scaling and Growth Strategy

(33:32) Teamwork and Company Culture

(39:36) Profitability and Sustainable Growth

(47:22) Challenges and Future Focus

Follow for more discussions on how to build great FinTech products with Customer and Commercial Impact and stay updated on the latest episodes.

👉 You can find Prakash here

• LinkedIn: https://www.linkedin.com/in/prakashsunkara/
• LinkedIn: https://www.linkedin.com/company/wiobank/
• Website: https://www.wio.io/

👉 And you can find Monica here:

• LinkedIn: https://www.linkedin.com/in/monicamillares/
• YouTube: https://www.youtube.com/@moni_millares
• TikTok: https://www.tiktok.com/@moni_millares
• Website: https://moni-millares.mystrikingly.com/

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Production and marketing by Monica Millares. For inquiries about being in the show, coaching, consulting, creative collabs, sponsoring the podcast or creating or editing your podcast email [e-mail]

Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.