UAE-based artificial intelligence (AI) fintech startup Metric has successfully raised a seven-figure seed funding round aimed at accelerating its growth throughout the Gulf region, broader Asia, and other emerging markets.

The funding round attracted support from various organizations, including Sanabil 500 Global, Hub71, i2i Ventures, Plus VC, Epic Angels, and Accelerate Prosperity, in addition to notable angel investors. Founded in Dubai in 2022 by Meenah Tariq and Omar Parvez Khan, Metric provides small business owners with streamlined access to financial services and funding through its AI-driven financial marketplace.

In an interview with Inc. Arabia, co-founder and CEO Meenah Tariq shared insights into the motivation behind Metric’s creation. She explained how her decade-long experience with thousands of businesses across emerging markets revealed a significant disconnect between business owners and their financial data, as well as a lack of sector benchmarks to guide their growth. This disconnect often leads to poor decision-making based on intuition rather than data.

Tariq criticized traditional accounting systems, stating they are designed for accountants and regulators rather than fostering business growth. She noted that complex finance software can intimidate business owners, which may stifle growth or even lead to business failure. She emphasized that Metric solves this issue by aggregating fragmented financial data, providing simple and actionable insights for business owners.

The startup’s Chief Financial AI, Max, was highlighted as a key tool that helps entrepreneurs access and understand their finances more efficiently. Max syncs with various accounting and business operation platforms, as well as bank accounts, to deliver real-time metrics and insights. Tariq explained that business owners can interact with Max to ask questions, create forecasts, and identify patterns, enabling better decision-making.

Additionally, Metric’s AI-powered financial marketplace offers small business owners access to essential financial tools such as business debit cards and automated financial advice, which are often difficult for entrepreneurs in underserved regions to obtain. Tariq stated that Metric also connects business owners to funding opportunities while reducing the costs associated with customer verification for financial institutions.

The recent funding will be directed toward enhancing Metric’s AI capabilities and expanding its reach in the MENA region, Pakistan, and Afghanistan. Tariq pointed out that the future of AI in finance rests on the quality and depth of the data on which these AI agents are trained. She mentioned that Metric’s CF-AI is built on a proprietary dataset valued at US$4.4 billion, covering 190 markets, which provides invaluable insights and benchmarks.

Despite the advancements, Tariq emphasized that Max does not seek to replace finance professionals. Instead, it aims to bridge the accessibility gap for small and medium enterprises that often lack dedicated CFOs. She noted that while accountants will continue their roles in compliance and bookkeeping, Max translates financial concepts into growth-oriented insights that business owners can understand.

Tariq shared that Metric’s app, initially only available in English and on Android, garnered organic adoption across 30 countries within its first month and expanded to 170 countries by the tenth month. She identified business size and maturity as consistent challenges faced by micro, small, and medium businesses across emerging markets, regardless of local variations.

This understanding has shaped Metric’s international expansion strategy, allowing the company to target similar business segments across different markets efficiently. Reflecting on her journey, Tariq shared crucial insights for other entrepreneurs, emphasizing the importance of passion and self-honesty in the startup process. She believes that entrepreneurship is a powerful force for economic and social change, although access to financial tools and support is often unequal.

Tariq concluded by stressing that a clear understanding of one’s purpose simplifies the journey of finding investors, team members, and customers, facilitating sustainable growth for startups.