There is significant demand across the region from people who need a quick hassle-free source of cash for the short term and don’t have the option of getting a bank loan. They would also like to avoid the risks and stress of dealing with (illegal) loan sharks and risk criminal charges around bounced cheques etc.
BuyBack Bazaar (BBB) is an online B2C (and B2B) portal which brings sellers of personal items to the ‘best priced’ and geographically closest buyer with the additional optionality for the seller to ‘buyback’ their item in the near future. These local retail stores (Members) who regularly buy and sell personal items like second-hand electronics and other goods. These Members put in bid prices and quantities for each individual item on our Portal.
Customers then see the best price (amongst multiple bids) to sell their personal item, get the cash they need and they have the option to buy this back within a short period of time once they have funds in place.
BBB creates the online marketplace and matches buyers to sellers but does not directly manage any customer assets or cash. This is managed completely by the member retail outlets, who are all registered with the Government and fully authorized to buy and sell second-hand consumer / personal goods from walk-in and online customers.
BBB has been incubated by UAE based professionals who are passionate about making a difference to the lives of those in need. They were the thought leaders behind the Wage Protection System (WPS) in UAE 10 years ago, and they have managed large teams at firms like Emirates NBD Bank, Reuters, McKinsey & The Private Office of The Ruler of Dubai. They have achieved global recognition in the areas of operations, business transformation, investment management, technology and sustainable non-profits, and are looking forward to building BBB into a truly transformational brand going forward!
Our Co-Founders Pishu Ganglani and Ricky Husaini, have been in Financial Services, Ops & Tech all their professional lives, which between them, spans over 50 years.
Their story began in Dubai in the mid Nineties, when Ricky, a currency dealer, met Pishu, an early adopter of technology, and the result was the launch of the world’s first automated platform for Saudi Riyal FX Swaps (that’s like a BuyBack for Foreign Exchange)
After investment management and treasury stints at The Investment Office of The Ruler of Dubai, as well as National Bank of Dubai, Ricky went on to become the CIO for Al Hilal Bank. He also focused on investments in new technologies. Ricky is, however, proudest of his work with Manzil, an international, award-winning, non-profit organisation dedicated to serving individuals with disability.
Pishu meanwhile, in his capacity as Senior Consultant at McKinsey & Company, was awarded the highly coveted Marvin, McKinsey’s top innovation award. He headed the Treasury and Risk Management team for the region at Reuters, was part of the Ops leadership at EmiratesNBD and also led MetLife’s transformation program for Asia and EMEA.
They saw the plight of people in need of emergency funds and were convinced the advances in technology now made it possible to solve this ancient yet pervasive problem. And this has brought them together to build the World’s First Online Credit Exchange aimed at disrupting the multi-trillion dollar global Pawn market…by looking at the problem in a different way!