Editor's Note: Wio Bank has Changed the Game for Startups

Entrepreneur

11-07-2025

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As most of our readers will tell you, the single hardest thing about starting a new business in the UAE is opening a business bank account. Most banks are stuck in the 70s when it comes to the process. Even some of the most impressive, technologically advanced banks (I won't name them) find ways to complicate the process.
It usually takes at least six weeks to do so, an enormous amount of paperwork and endless visits to the bank in person. Even once set up, the process of actually activating an account, obtaining a cheque book and debit card, is equally horrendous.
All this can hugely complicate the workings of any start up. Licenses need to be obtained – which require bank guarantees. Basic capital costs have to be met, usually through a founder's personal savings and then recouped later.
Thankfully, this nightmare is now over – thanks to Wio Bank. ADQ and Alpha Dhabi are the primary shareholders with a combined stake of 65%, while e& holds 25%, and First Abu Dhabi Bank 10%. Between them, they have somehow managed to totally change the game for start-ups. The entire application process can only be done through an app, takes only ten minutes, and most accounts are both approved and active in less than 30 hours. Yes, you read that right – 30 hours. I challenge any of the traditional banks to even get the process done in three days – there is zero chance of them doing so. Three weeks at absolute best.
Just to be clear, I know all this because I recently opened a Wio business account. Apart from the incredibly smooth opening process, the actual operation of the account – and small things such as allowing multiple users that make a big difference – has been staggeringly good.
Wio was only established with an initial capital of US$626.7 million. In May 2024, Wio Bank announced that it had achieved profitability in its first full year, reporting revenue of $72.6 million and a net profit of $545,000 in 2023.
It already serves more than 200,000 customers across Wio Business and Wio Personal.
More importantly, I believe it has completely changed the game. And that can only be a good thing.