When Rakhil Fernando was appointed CEO of Yabi, a UAE-based financial technology and education platform, in September 2024, the company was at a crucial crossroads.
It needed to find growth, redefine its purpose, and reignite its potential. Five months later, Yabi is ready for global expansion, with Rakhil leading a bold, AI-first approach to financial literacy.
Yabi is not just a MENA (Middle East and North Africa) story but also a Sri Lankan success story; it’s a global movement for change in which Yabi will direct new technologies to uplift the lives of ordinary people.
Yabi – founded in 2022 – had already established a strong reputation in the market.
However, when Rakhil took over the reins, the fast-evolving tech landscape required that the product needed an overhaul to ensure long-term sustainability.
The core problem statement Yabi set out to solve for its users remained unchanged — improving financial literacy and difficulty managing personal finances.
However, the solution required a bold new approach as consumer preferences and behaviours around learning about finance and managing their money were changing rapidly.
Rakhil and his team took this as an opportunity to build something transformative and fun.
Gearing the Ship for Long-term Sustainable Growth
Rakhil’s track record made him the ideal fit.
With years of experience at Daraz, KOKO, Kashmi, and MetLife, he was the ideal candidate to rejuvenate Yabi.
Known for his strategic mindset and relentless focus on scaling, Rakhil took the reins with a clear vision: transforming and scaling Yabi into a leading platform for financial literacy and empowerment beyond MENA.
Rakhil’s journey as a transformative leader began as the Managing Director of Daraz Sri Lanka.
Under his leadership, Daraz went from generating $6 million in sales to over $130 million at its height in just four years, fueled by Rakhil’s ability to identify market opportunities, identify talent, and execute strategies at scale.
His vision and determination turned Daraz into a powerhouse, setting a new benchmark for e-commerce in the region.
Rakhil was also the ideator and catalyst behind raising investment within the Daraz Group to build and launch Koko, a groundbreaking buy-now-pay-later platform in Sri Lanka.
Recognizing the gap in the market for accessible and user-friendly consumer credit, Koko introduced innovative buy-now-pay-later solutions, empowering users to make more informed and affordable purchasing decisions.
It is now the leading buy-now-pay-later platform in Sri Lanka, soon to be launched in regional markets.
Building a Dream Team
Recognizing that a great product needs great people, Rakhil made two key appointments to help drive Yabi’s transformation.
Lavan Sri Chandrahasan was appointed Head of Product and Technology, and Firaz Markar took on the role of Head of Platform and Growth.
Lavan and Firaz had proven their capabilities at Koko and Daraz, respectively, demonstrating their ability to deliver results in high-pressure, high-growth environments.
“I bring people along when I see their talent and know I can trust them to do amazing work,” says Rakhil.
“Lavan and Firaz are exceptional at what they do, and having them on the team ensures we’re building something world-class.”
The exceptional product and marketing teams within Yabi, consisting of the top domain talents in the UAE, have built a strong foundation with creativity, technical skills, and deep market understanding.
Now, with the new management team leading the charge, the focus is on scaling innovation, accelerating growth, and delivering world-class experiences.
Together, they aim to elevate Yabi to new heights in a market brimming with potential.
L-R: Lavan Sri Chandrahasan – Head of Product & Technology of Yabi, Rakhil Fernando – Chief Executive of Yabi, Firaz Markar – Head of Platform & Growth of Yabi
A Product That Disrupts the Way We Manage & Learn About Money
Financial literacy in the MENA region is a core development focus, so much so that it is also a key initiative within the trillion-dollar Vision 2030 programme deployed in the Kingdom of Saudi Arabia.
Yabi will be at the heart of this evolution with its groundbreaking product: an AI-driven personal financial coach.
Designed to simplify complex financial concepts, the Yabi platform empowers users to make informed decisions about their money.
From budgeting and saving to investing, the AI coach tailors guidance to each user’s unique needs and goals.
Yabi’s platform goes beyond traditional financial tools, and leverages AI to allow users to truly understand their personal spending habits, leverages direct open banking connections to user transaction data and utilizes machine learning to analyse user behaviour and provide real-time insights.
This AI-first strategy sets Yabi apart.
The platform offers a personalized experience that adapts as users grow in their financial journeys by leveraging advanced algorithms, machine learning, and RAG models that use AI to combine a language model with a system that finds external information to help the model give more accurate, relevant, and current answers.
“It’s a game-changer for individuals who the financial system has traditionally underserved,” Rakhil says.
Furthermore, Yabi offers proprietary learning tools and access to smart financial tools to ensure that users receive actionable advice and pathways to act on this advice.
Whether it’s helping young professionals plan their monthly expenses or guiding a retiree on investment options, Yabi’s AI coach is a trusted companion in every financial journey.
Financial literacy isn’t just about understanding money; it’s about changing lives,” says Rakhil.
“With Yabi, we aim to make financial education accessible, engaging, and actionable for everyone, no matter where they are in the world.”
February 2025 marks a significant milestone for Yabi with the relaunch of its reimagined platform.
This revamped version builds on the company’s original mission but takes it to the next level with cutting-edge technology and a user-centric design.
Addressing Global Challenges
Financial literacy is a critical issue both in the MENA region and worldwide.
According to recent studies, many adults lack basic financial knowledge, leading to poor financial decisions and economic instability.
Yabi aims to bridge this gap by providing a comprehensive solution that educates and empowers users.
The platform’s design reflects a deep understanding of user needs.
Yabi’s interface is intuitive and user-friendly, making it accessible to individuals with varying levels of financial knowledge.
The AI coach uses simple language to explain complex concepts, ensuring users feel confident in managing their finances.
Yabi’s approach is particularly impactful in emerging markets, where access to financial education is often limited.
By offering a scalable solution that combines technology and education, Yabi is helping communities overcome barriers to financial inclusion.
Traditional financial literacy solutions often take a one-size-fits-all approach, focusing mainly on saving, budgeting, and goal-setting.
Yabi, however, tailors its solutions to individual needs and offers personalized guidance.
The Yabi relaunch will roll out in phases, starting with Yabi AI, a personal financial coach that provides real-time insights and advice based on users’ banking data.
This free tool helps users manage spending.
Over time, Yabi will integrate services like spending and savings accounts, money market funds, and financial products, monetizing through these rather than charging users directly.
Yabi’s AI combines financial literacy with behavioural recommendations and a structured curriculum, integrating videos, interactive learning, and personalized coaching to position Yabi as one of the first to blend education with AI-powered financial coaching.
Beyond the MENA region, Yabi plans to launch a SaaS version to help financial institutions and independent coaches leverage its technology.
The SaaS model allows banks to white-label Yabi and coaches to digitize their services, expanding reach, especially in markets like the US.
Currently, in its test phase, the SaaS model will be subscription-based.
Yabi has already gained 30,000 sign-ups in the UAE, and as it scales across MENA, Yabi will offer a completely revamped user experience and monetization model.
Backed by investors such as Shuaa Capital, Wafra, and Venture Souq, Yabi is preparing for its next funding round in March or April 2025 to accelerate growth and scale globally.
Sri Lanka’s Fintech Opportunity
Rakhil’s vision extends back to Sri Lanka as well.
He sees Yabi as a global solution to the pervasive problem of financial illiteracy, a problem that plagues both developed and emerging markets.
“Yabi’s story is also a testament to Sri Lankan talent and ingenuity,” Rakhil says.
“With an entirely Sri Lankan management team, the company is proving that local expertise can compete globally. Our roots are in Sri Lanka, but our vision is global. We’re proud to showcase what Sri Lankan innovation can achieve.”
This vision aligns perfectly with Sri Lanka’s own aspirations to become a hub for technological innovation and talent development.
For years, the country has grappled with financial instability and barriers to economic mobility.
Yabi’s success provides a compelling blueprint for how Sri Lanka can leverage AI-driven fintech solutions to tackle these challenges head-on.
By fostering a thriving fintech ecosystem, Sri Lanka can empower its citizens with the financial knowledge and tools they need to make informed decisions, ultimately driving economic growth and social progress.
Yabi’s commitment to establishing a centre of excellence in Sri Lanka further reinforces this vision, promising to nurture local talent and contribute to the country’s burgeoning tech scene.
“We want to show that it’s possible to build a world-class company right here in Sri Lanka,” says Rakhil.
“Our success is proof that with the right vision and determination, anything is achievable”.
A Vision for the Future
As Yabi continues to scale, Rakhil remains focused on the bigger picture.
The company’s mission is clear: to revolutionize financial literacy globally, one user at a time.
With its AI-driven approach, innovative leadership, and all-Sri Lankan team, Rakhil believes Yabi is poised to impact the world.
Looking ahead, Rakhil and his team have ambitious plans for Yabi. The company aims to expand its reach by entering new markets and partnering with organizations that share its commitment to financial education.
One of Yabi’s key growth strategies is forging partnerships with educational institutions and financial organizations.
By collaborating with schools and universities, Yabi can introduce financial literacy programmes to students at an early age.
Similarly, partnerships with banks and financial service providers can help Yabi reach a broader audience and enhance its offerings.
Rakhil also envisions Yabi becoming a hub for financial literacy resources.
In addition to the AI coach, the platform plans to offer a wealth of content, including articles, videos, and interactive tools.
These resources will cater to different learning styles, ensuring that users can access information in a format that suits them.
Additionally, they plan to introduce financial tools to invest and save right within the platform.
The Road Ahead
Rakhil is clear about his vision for Yabi: with an innovative product, a skilled team, and a strong commitment to its mission, Yabi is positioning itself to become a global leader in financial education.
For Rakhil and his leadership team, the focus remains on expanding impact and advancing financial literacy worldwide.
“The future of Yabi is bright, and we’re excited to lead the charge in creating a financially literate world. Everything we do reflects this commitment,” Rakhil says. (Colombo/Feb7/2025)
Continue Reading
