UAE fintech start-up Dosh Payments gears up for full launch, lands tech licence from ADGM
Dubai-based Dosh Payments, a new fintech start-up operating a social payments app, has secured a technology licence from the Abu Dhabi Global Market (ADGM) as it gears up for its full launch.
Dosh co-founders Hamza Marrakchi and Daniel Braganza
Claiming to be the Middle East’s first social payment application, Dosh Payments has been building in stealth since 2021, and was also part of the Microsoft for Start-ups programme in the region.
Now ready to launch with a mobile app targeting younger generations, Dosh Payments aims to simplify and enhance the payment experience for its users, with features including payment splitting, group payments, and a unique feed akin to social media platforms, wherein users can connect their Meta accounts and send payments “seamlessly” to all their contacts.
Explaining the offering, Daniel Braganza, co-founder and CEO of Dosh Payments, tells FinTech Futures: “In one of our surveys, a problem we noticed was that a lot of people have to ask for payment details, for example, the UPI ID in India or the beneficiary concept in the UAE.
“To solve that problem, once you link Meta, our app enables access to mutual friends and users who also have a Dosh account linked with their Facebook. That creates a social network effect where you will have your suggested friends show up much easier.”
Dosh plans to operate in two regions – Asia and the Middle East – with particular focus on the UAE and India, and also plans to add new features in the future, including cross-border payments.
Co-founder and CTO Hamza Marrakchi says: “We’re all connected on social media, our patterns are the same, and in particular, both those regions have a lot of similarities. There’s a lot of group culture that exists among young people.
“There is a strong interlink between both countries, especially when it comes to cross-border payments, and in terms of remittances, the UAE is the second biggest country that sends money to India.”
Dosh Payments is banking on capturing this huge market and making the process of remittances much easier compared to other players in the market. But the payments space is getting crowded, and the fintech start-up ecosystem in India is getting increasingly competitive. So how does Dosh aim to carve a space for itself?
“There are really big players that currently exist, and we feel they’ve gone more towards the trajectory of becoming an Amazon or an all-in-one app. We’re not trying to do that,” Braganza says.
“Our goal is to provide a streamlined app that seamlessly integrates with social media, recognising its crucial role in the lives of today’s youth. There’s a significant gap in the youth payment market, and we intend to bridge it.”
Currently soft launched, the app will initially be free to use, with the start-up aiming to monetise the product a few months down the line once additional features such as cards, subscriptions and solutions for SMEs are rolled out.
“We’re pushing for a strong user growth story first, because we believe acquiring users and gaining trust is way more important than bombarding people with 300 features,” Braganza adds.
