Picture this: you’re an employee struggling to make ends meet, with bills piling up and payday still days away. You need money now, but options like payday loans and credit cards come with high fees and interest rates that only make your financial situation worse. Enter Ryalize, founded by Khalid Alshakrani, who saw the direct correlation between employee productivity and salary advance requests. Off went the lightbulb and he set out to create a business that would benefit both employees and businesses alike.
Fast forward to today, and Ryalize is a game-changer in the world of enterprise FinTech. Their first solution, Earned Wage Access, allows corporate employees to access their salary on-demand, before payday. It’s a cheaper alternative to payday loans and short-term loans, giving individuals immediate financial relief while reducing admin headaches. And the best part? Ryalize’s Earned Wage Access is now available through their partner banks in Bahrain and Jordan, the only solution of its kind in these countries.
But Ryalize didn’t stop there. At a time when individuals want things on demand with speed and value, the banking industry is struggling to keep up with the latest technologies. Rather than compete with them, Ryalize is partnering with banks to provide customized financial solutions to corporate clients and offers micro-solutions that are suitable for both corporate and retail clients.
“Our agility and niche solutions meet the changing needs of individuals which helps us stay ahead of the curve in the rapidly evolving financial landscape, with future plans to expand across the MENAT region,” shared Khalid Alshakrani, Founder & Managing Director of Ryalize.
When the lockdown hit, the platform was finding it difficult to operate in Singapore and had to pivot. “Moving back and setting up the business in Bahrain, as it was in Singapore, was not possible due to local regulations. We had to reevaluate our business model and pivot, which turned out to be a blessing since partnering with banks allowed us to enter the market much quicker than we initially thought possible,” added Khalid.
What sets Ryalize apart is that their solutions support the achievement of five of the seventeen United Nations Sustainable Development Goals (SDGs). Ryalize aims to leave a positive impact on the community and economy, not just provide a service, by addressing key pain points of different stakeholders, including banks, corporates, and individuals.
“The use of technology is leveraged in all of our products because at the end of the day, we’re revolutionizing how people get paid!” Khalid expressed, “In the next five years, we believe salaries will be streamed like Netflix and we intend to be the engine behind it all.” What a grand concept!
Ryalize’s long-term vision for the future of financial services is nothing short of revolutionary. They believe that everyone, no matter where they come from or who they are, should have power and control over their finances. Over the next couple of years, Ryalize plans to become the go-to partner for all major regional banks by integrating their payroll directly into banks’ core systems. This will not only make corporate experiences simpler and seamless, but also create a financially inclusive future for all.
Khalid stated, “As a result, our plug and play micro-solutions will not only help banks become more competitive, but create a financially inclusive future for all. The key is to ensure all financial services are transparent and accessible to both the banked and unbanked.” The future is full of endless possibilities.
Building a company in this industry is not for the faint-hearted, as it comes with a lot of challenges, especially when it comes to regulation and compliance. But don’t let that discourage you! Ryalize has some solid advice for you. “Make sure you have a deep understanding of the industry before diving in. Perseverance is also key– the market is tough and saturated, and setbacks will inevitably come your way. But don’t let that stop you from pursuing your vision! Believe in your solution and keep pushing forward.” Now that’s something to remember!
Well, with their innovative approach to financial technology and commitment to social good, Ryalize might just be the solution you’ve been searching for. Stay up to date with Ryalize through their website, or LinkedIn and Instagram. As for us, tell us what you think! Get in touch with us on Instagram and LinkedIn, we’d love to hear from you!