In the interview that follow, Nada, offers insight on the resilient mindset that let to her entrepreneurial success.
Nada, tell us a little about yourself and your business.
I am from Muscat, Oman. I was educated in Switzerland & UK & US. As a leading Fintech expert, pioneering entrepreneur and CEO and founder of PLIM, my journey to success began with nothing more than the simple intention of solving problems. I started really building up my business portfolio over the decade following my years in academia where I achieved a BA in International Finance from Franklin College in Switzerland and a certification in the Professional Education Program at Harvard. I was lucky enough to apply my international education to setting up several well-established, global businesses in a wide range of sectors, including the Fintech industry, while supporting other businesswomen and trying to make it myself as an entrepreneur in a male dominated industry. Despite my academic achievements and experience in business, making it on my own wasn’t without its obstacles.
“In my first business venture, it was made very apparent that trying to acquire funds alone as a business woman was almost impossible, highlighting a fundamental flaw in the system”
However, after several failed attempts, a lot of perseverance and my learned ability to innovate and adapt, I have earned the title of global business woman with a promising new project. I’m extremely proud to be able to celebrate the successful Beta launch of my buy
now, pay later service, PLIM, that services the medical aesthetics industry specifically, allowing more patients access to treatments at the hands of professionals.
Having fought my way to the top, I can confidently say that my personal philosophy regarding business is to embrace rejection. The more you fail, the more you learn to adapt, innovate and become resilient enough to acquire success.
My relationship with the business world has been full of lessons, inspiration and fulfilling experiences that I am extremely grateful for. As an entrepreneur, I quickly realised that this passion and drive to build a business isn’t something that can be taught or learnt, it’s who you are, and it’s your responsibility to honour that no matter what.
What is the solution offered by PLIM and how did you come up with the idea?
PLIM is BNPL specified for the elective procedures, not covered by medical insurance. We offer a payment solution mainly the medical aesthetic sector.
I came up with the idea observing the businesses that bounced back very quickly after COVID, aesthetics being one of them.
A deep dive in, I came across a bunch of problems in this sector that needs solving- PLIM is the solution.
Offering a payment solution, with discretion, and providing a platform for this sector to create an ecosystem.
Tell us a little bit about your team, how many people are working at PLIM? How many are women?
We are a team of 5 and growing. Out of this 3 are female, including myself. Our tech & marketing is outsourced.Being on the board of one of UAEs main businesswomen establishments; SBWC and on the executive committee of NAMA (Women empowerment establishment) it is essential females have a major role and representation in my companies.
In terms of clients, what is the profile of PLIM’s clients?
Male & Female, between the ages of 25 and 65. With disposable income. Feeling good & investing in your well-being has become more and more of a concern to all generations and genders- therefore PLIM is not limited in demographics.
Tell us about the seed round. Who invested?
Two family offices; swiss & japanese. Few family & friends.
We have raised Euro 1M at the valuation of Euro 8M
Can you speak to specific challenges or benefits of being a female entrepreneur?
“Mainly fundraising is a challenge. Less than 2% of investments go to female start ups globally- therefore it is impossible to raise funds unless you have a lot of support and sometimes- sadly- it helps to have a male co founder”
Who is a female-role model who inspires you?
My sisters; Huda Al Lawati and Dr Sabah Al Lawati. Both are extremely hard working, sincere and brilliant!
What advice would you give to other women who are looking to build their careers?
Don’t give up, and ask for what you deserve. Don’t be shy, and don’t underestimate your value add. What can the ecosystem do to help empower women to found more companies? Mandate to VC funds & Banks to invest in female founders- a quota.
What are your future plans for your business?
PLIM is active in UK, our goal is start operations in Switzerland by March 2024. Following that we are launching in Japan in Jan 2024.
“The sky is the limit”
Anything else you want to add?
I am very grateful and appreciate having this platform & interview to encourage other women in their journey to greatness.