A new benchmark for digital banking in the UAE
Wio Bank PJSC, the UAE’s first platform bank, partnered with Mambu to launch SME and retail banking in under 14 months, scale to 200,000+ customers, and reach profitability within its first year.
- months to open first SME account
- months more to open first retail account
- growth year-on-year
WIO BANK PJSC
About the customer
Wio Bank PJSC, launched in Abu Dhabi in 2022, is the Middle East’s first fully digital financial platform. Backed by major shareholders including ADQ, Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB), Wio Bank PJSC was built from the ground up to deliver embedded finance, digital banking, and BaaS capabilities across the UAE.
Licensed by the Central Bank of the UAE, it has quickly gained recognition for its innovative model and rapid impact on the market.
- AED 2.3B in initial capital
- Forbes Middle Eeast Fintech 50 leader (2024)
- Serves retail, SME, and corporate segments
The challenge
Navigating the challenges of digital banking
Wio Bank PJSC recognised strong demand for digital-first banking in the UAE, where smartphone usage is nearly universal and almost 60% of SMEs remain underserved. Coupled with a progressive regulatory environment, the conditions were ideal to build a modern, mobile-first financial institution.
To seize the opportunity, Wio Bank PJSC needed a flexible, composable core that could launch new offerings quickly, scale efficiently, and integrate with best-in-class partners–without the delays, cost, or rigidity of traditional banking systems.
“What set Mambu apart from competitors was the combination of modern architecture with proven banking functionality.”
- Yatin Parab, Chief Product Officer at Wio Bank PJSC
The solution
Composable architecture, seamless implementation
To build a scalable, digital-first bank from the ground up, Wio Bank PJSC chose Mambu’s cloud-native, composable core. This gave them the flexibility to integrate best-of-breed partners—from KYC and payments to analytics—without the complexity of legacy systems. Mambu’s modern architecture supported rapid deployment and product iteration, while a consumption-based pricing model aligned with Wio’s growth path and helped manage costs efficiently from day one.
A close working model between Mambu’s implementation team and Wio’s cross-functional squads enabled parallel workstreams and faster delivery. The result: a streamlined, modular tech stack that allowed Wio Bank PJSC to open the first Wio Business account in 14 months and then 11 months later to open the first Wio Personal account – both achievements surpassing industry standards.
Partnering for success
By leveraging Microsoft Azure through its partnership with Mambu, Wio Bank PJSC was able to enhance its capabilities with a secure and scalable infrastructure that supports regulatory compliance and robust data protection. This enabled the bank to concentrate on innovation, rather than infrastructure management, significantly reducing operational overhead.
The result
Accelerated growth and future-ready banking
In just seven months, Wio Bank PJSC launched SME banking, followed by retail in fourteen—achieving profitability by the end of its first full year. With over 200,000 customers and AED 37 billion in balance sheet size by 2024, the bank proved what’s possible with a cloud-native, API-first approach. Mambu’s platform gave Wio Bank PJSC the agility to deliver seamless, secure services at scale while iterating fast.
Today, Wio Bank PJSC continues to grow rapidly, with up to 15,000 new accounts opened every month. As digital banking adoption accelerates across the UAE, Wio Bank PJSC is expanding its digital offerings and embedded finance capabilities—powered by Mambu’s flexible core.
“Looking ahead, the platform flexibility we've gained positions us well for future innovation. We can now configure new products and services without heavy customisation, maintain the ability to pivot based on market opportunities, and expand into new market segments without significant platform changes - all critical advantages in today's rapidly evolving financial services landscape.”
- Yatin Parab, Chief Product Officer, Wio Bank PJSC
Download the full case study
See how Wio Bank PJSC – UAE’s digital banking trailblazer is scaling profitably with Mambu.
