Muscat – What began as a personal experience in planning for a child’s future has evolved into a new Omani fintech startup focused on improving financial wellness for households.
Speaking to Muscat Daily, Daanish Khan, founder of Raaz – formerly AiN Technologies – said the idea took shape when he and his wife began reviewing their finances while planning for their son’s education.
“We sat down with our bank statements and mobile apps and tried to make sense of it all,” Khan said. “We realised that although we had saved some money, we didn’t really know what to do with it. We needed clarity.”
As he explored the issue further, Khan found that many young families face similar challenges. While the desire to manage money better exists, he said, most households lack the time, tools or guidance to track spending, savings and long-term goals.
“People want to do better financially, but they need direction,” he said.
About a year ago, Khan formally established the company. Initially working on the concept alone, he was later joined by two close friends – Aflah al Lawati, partner, and Al Waleed al Musafir, marketing associate – who shared similar experiences and frustrations around personal finance.
The name Raaz is derived from Arabic meaning ‘to weigh’ or ‘measure value’, reflecting a balanced approach to financial decision-making. It also means ‘secrets’, which Khan said aligns with the company’s aim of uncovering insights hidden within financial data.
Raaz has been developed as a mobile app that consolidates information from multiple user accounts into a single platform. Transactions are automatically categorised, giving users a clear overview of spending patterns and trends. The app enables users to set budgets, track progress and receive personalised recommendations based on individual financial behaviour.
“Our goal is to empower young families by turning everyday financial data into actionable insights,” Khan said. “We also connect users with relevant products from banks, insurers and service providers that can genuinely support their financial goals.”
He said financial wellness goes beyond numbers and is closely linked to emotional wellbeing. “It’s about control, balance and confidence – moving from anxiety to peace of mind.”
Unlike conventional finance apps that primarily display data, Raaz focuses on helping users understand their finances. The platform uses data analytics and machine learning to personalise insights and improve recommendations as user behaviour evolves.
According to Khan, securing early-stage funding was one of the main challenges, as is common for startups. However, he credited Oman’s growing startup ecosystem for providing crucial support, including initial funding from ITHCA and participation in the Omantel Innovation Labs accelerator programme.
“The mentorship and guidance we received made a significant difference,” he said.
Data security, Khan added, remains a core priority. Raaz complies with Oman’s Personal Data Protection Law and adheres to international security standards, with all personal and transactional data encrypted and access strictly controlled.
An initial prototype was released earlier this month to a limited group of users, with feedback now being incorporated into the next version of the app. A full public launch is planned soon, starting in Oman before expanding to other GCC markets.
Khan encouraged aspiring entrepreneurs to take calculated risks and learn through experimentation. “The only real failure is not trying,” he said.
More information is available at www.raaz-app.com
