Metric sets up camp to bring AI-enabled financial intelligence to UAE businesses

Metric is an app that uses AI to help small and medium sized businesses make better decisions based on their numbers, and insights from their sector

Metric, a financial intelligence solution for small and medium business owners, has rolled out its micro-advisory solution for the UAE market. Metric uses models trained on proprietary data to provide AI-enabled, automated micro-advisory to SMBs, layered on top of their accounting function.

Earlier this year it was reported that the UAE had half a million small and medium enterprises (SMEs) - a figure that is in sync with the country's ambitious plans to grow this number to one million by the end of 2030. UAE's SMEs account for about 60 per cent of the country's non-oil GDP currently. And while there is a lot of work being done to improve the lives of business owners, there are some critical aspects that SME founders struggle with. The most notable of these is accounting and finance. Emerging markets across MENAP are extremely opaque, with a lack of data and regional sectoral benchmarks making it difficult for businesses to chart their course towards success. This is precisely the problem that Metric has set out to solve.

Metric is an app that uses AI to help small and medium sized businesses make better decisions based on their numbers, and insights from their sector.

"It is 2023" said Metric's CEO and founder Meenah Tariq, "it is time that small business owners were able to make real-time decisions based on their own data as well as sectoral patterns and trends instead of gut-feel, anecdotes, and vibes."

Meenah, along with her co-founders Omar Parvez Khan and Dr. Habiba, started Metric two years ago to support SMEs in emerging markets, having spent the last decade working with businesses of all types and sizes, as an accelerator head, business trainer, and Venture Capital investor. In her work with the World Bank and USAID, Meenah has worked previously in Pakistan, Bangladesh, Iraq and Nepal.

"The similarity that we found in almost all frontier and growing markets is how small business owners are scared of numbers, and this fear of accounting or finance holds their business hostage.", she explained, "It is not enough to teach them how to build financial statements. We focus on providing businesses with real time information in a simple language and format that they are actually able to understand and use".

Metric launched their first product, an android app for businesses, one year ago. The app went viral in the first thirty days, and was organically used in thirty countries. By month ten, almost 100,000 businesses were set up on Metric across 174 countries organically. Metric's focus on the UAE stems from the organic usage that they have found in the region. Businesses across the UAE that use Metric have already recorded the highest GTV (Gross Transaction Volume) compared to any other country across the globe. The fast growing UAE economy and the ambitious, growth oriented businesses in the country are to credit for this development.

The team behind Metric is now fully focusing on the UAE, with localisations coming out fast to support UAE businesses. VAT has already rolled out within the app, and local integrations that allow for easier usage are following suit. The tech that is being built, under the leadership of Dr. Habiba, has been globally lauded for its user-friendly design and functionality. Dr. Habiba has a PhD in computer science, focusing on artificial intelligence, machine learning and data science, and has worked at giants such as Microsoft previously.

"This is the most exciting problem I have ever gotten to work on", she said, "benchmarking dark markets and cycling insights back to small businesses, using AI micro-advisory to revolutionise how millions of businesses operate, globally."

"Metric's cause, and ours, is that of entrepreneurship in emerging markets. We truly believe that supporting business owners in any way or form transforms lives, societies, economies, and countries. This is the cause that we have dedicated our lives to, and will continue to work towards" Omar added. Omar is the chief product officer at Metric, and was a chartered accountant previously, building a career in accounting and audit at PwC, and a VC investor. He constantly saw businesses struggle with accounting and finance, and realised that a product needed to be built that could be used directly by SME owners with no accounting expertise required. Simplicity and ease-of-use is the foundation upon which Metric is built.

Metric isn't in the GCC to be another player in the accounting landscape; it's here to innovate, support and transform, in line with We The UAE 2031 vision. The founders describe their vision as 'new age accounting' - where number tracking isn't just a cost center, but drives insights that bring in profit for businesses. As businesses in the region brace for a future driven by data, Metric stands tall as their ally, ensuring that they are able to turn their data into an asset to drive business growth.

Metric is available on Playstore globally, and their new web app is in closed Beta. Want a head start? Click here to get early access.

Metric is backed by both regional and global VCs including Outliers, I2I Ventures, Deosai Ventures and Ratio Ventures as well as experienced angel investors from the tech and accounting space.