Despite a significant decline in funding in 2023, Middle Eastern fintech companies demonstrated remarkable resilience; Navigating challenges such as high-interest rates and geopolitical uncertainties, these fintechs are leveraging innovative technologies and pursuing expansion strategies. According to KPMG, fintech funding in Europe, the Middle East, and Africa dropped to its lowest in seven years in 2023, at $24.5 billion, down from $49.6 billion in 2022. These companies span open banking platforms, digital payment companies, and apps for saving, lending, and investing. Egypt has 13 companies on the list, while the U.A.E. and Saudi Arabia each have 11. Payment companies dominate with 26 entries.
- Wio Bank
- Location: U.A.E.
- Overview: Wio Bank, established in 2022, is a digital financial platform aiming to transform traditional banking models with innovative solutions. It is co-owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, Etisalat, and First Abu Dhabi Bank (F.A.B.), with an initial capital investment of AED 2.3 billion. Under the leadership of CEO Jayesh Patel and Chairman H.E. Salem Rashed Alnuaimi, Wio Bank focuses on digital banking apps, embedded finance, and banking-as-a-service, emphasizing trust and transparency.
- Fawry
- Location: Egypt
- Overview: Founded in 2008 and operational since 2010, Fawry is Egypt’s leading digital transformation and e-payment platform. CEO Ashraf Sabry leads the company, which offers financial services and e-payments at over 225,000 locations in Egypt. In 2023, their app was downloaded over 12.17 million times, and net income grew 2.5 times compared to 2022. Fawry is exploring expansion into Saudi Arabia in collaboration with Saudi Payments.
- Tabby
- Location: Saudi Arabia
- Overview: Established in 2019 by Daniil Barkalov and Hosam Arab, Tabby is a shopping and financial services app that allows customers to pay in four interest-free installments. Operating in Saudi Arabia, the U.A.E., and Kuwait, Tabby serves 11 million customers and 40,000 retailers, processing over $7 billion in gross merchandise volume. As of September 2023, Tabby’s valuation was $1.5 billion.
- MadfoatCom
- Location: Jordan
- Overview: Founded in 2011 by Nasser Saleh, MadfoatCom was the first e-payments company in Jordan backed by Oasis500. It operates eFAWATEERcom, an online, real-time bill presentment and payment system, serving Jordan, Oman, Palestine, Saudi Arabia, the U.A.E., and Morocco. With 2 million app downloads by December 2023, MadfoatCom registered 52.6 million transactions worth $16.3 billion in 2023.
- PayTabs Group
- Location: Saudi Arabia
- Overview: Established in 2014 by Abdulaziz Al Jouf, PayTabs Group offers comprehensive B2B payment solutions, including digital invoicing, QR code payments, and payment orchestration for government projects. Headquartered in Saudi Arabia with additional offices in the U.A.E., Egypt, and other regions, PayTabs processed $10 billion in transactions with 1.2 million merchants in 2023 and plans to expand in Türkiye and Azerbaijan.
- ZainCash Iraq
- Location: Iraq
- Overview: Founded by Yazen Altimimi in 2015, ZainCash Iraq provides e-payment services, including local transfers, bill payments, and QR payments. It also supports cash disbursements to humanitarian agencies. Operated by March Holding in partnership with Zain Group, ZainCash serves individuals, enterprises, and government entities in Iraq.
- Tamara
- Location: Saudi Arabia
- Overview: Launched in 2020 by Abdulmajeed Alsukhan, Abdulmohsen Albabtain, and Turki Bin Zarah, Tamara is a buy-now-pay-later platform serving Saudi Arabia and the GCC region. With 11 million registered users and partnerships with 40,000 merchants, Tamara raised $900 million in funding by 2023 and is backed by major investors including P.I.F. and Endeavor Catalyst.
- MNT-Halan
- Location: Egypt
- Overview: Founded in 2018 by Mounir Nakhla and Ahmed Mohsen, MNT-Halan is Egypt’s largest lender, providing digital banking and e-payment solutions for unbanked individuals. Serving 8 million customers, MNT-Halan processed 1.9 billion transactions in 2023 and achieved unicorn status with $450 million in debt and $200 million in equity funding.
- MyFatoorah
- Location: Kuwait
- Overview: Established in 2016 by Abdullah Aldabbous, MyFatoorah provides digital payment services, including payment gateways and QR code payments, across Kuwait and other GCC countries. With 500,000 app downloads, MyFatoorah processed $4.5 billion in transactions for 83,500 merchants in 2023.
- Foodics
- Location: Saudi Arabia
- Overview: Founded in 2014 by Ahmad Al-Zaini and Mosab Al-Othmani, Foodics offers a cloud-based POS restaurant management system. Serving over 30,000 outlets, Foodics has processed over six billion orders. With significant investment from P.I.F. and Vision Ventures, Foodics raised $198 million.
- AMAN Holding
- Location: Egypt
- Overview: Founded in 2015 by Mohamed Wahby and Hazem Moghazi, AMAN Holding provides e-commerce, bill payments, and microfinance services. Acquired by Raya Holding, AMAN serves over 40 million customers and processed $1.3 billion in transactions in 2023.
- HyperPay
- Location: Saudi Arabia
- Overview: Founded in 2014, HyperPay offers payment gateway and financial solutions across the MENA region. Headquartered in Riyadh, HyperPay serves over 10,000 merchants and has partnerships with leading banks and financial institutions.
- HALA
- Location: Saudi Arabia
- Overview: Founded in 2018 by Maher Loubieh and Esam Alnahdi, HALA provides financial solutions for SMEs, including bank accounts and POS devices. After acquiring paymennt.com, HALA introduced new products and processed $4 billion in transactions in 2023.
- Rasan
- Location: Saudi Arabia
- Overview: Founded in 2016, Rasan focuses on insurance and financial services. Its flagship product, Tameeni, is a digital insurance aggregator. Rasan’s platforms serve 11.5 million users and facilitated $1.75 billion in insurance policies in 2023.
- Valu
- Location: Egypt
- Overview: Founded in 2017 as a subsidiary of E.F.G. Hermes, Valu provides financing options for buying, saving, and investing. With 1.5 million customers and 6,000 merchants, Valu plans to expand into Jordan with new financial products.
- Optasia
- Location: U.A.E.
- Overview: Optasia offers AI-powered financial services, including airtime credit and micro-lending, to underserved markets in 36 countries. Serving 113.7 million users monthly, Optasia’s platform supports financial inclusion efforts globally.
- Sarwa
- Location: U.A.E.
- Overview: Founded in 2017, Sarwa is an investing platform providing stock and ETF trading, cryptocurrency trading, and automated investments. Supported by prominent investors, Sarwa has raised $25 million and serves the MENA region.
- Thunder
- Location: Egypt
- Overview: Founded in 2020, Thndr is a digital investment platform offering access to Egyptian stocks, gold, and mutual funds. With 133,500 active users, Thndr’s trading volume grew 800% in 2023, and it plans to expand to the U.A.E. in 2024.
- Eazy Financial Services (EazyPay)
- Location: Bahrain
- Overview: Founded in 2016, EazyPay provides payment services, including POS terminals and online gateways. Serving notable clients like Uber and TikTok, EazyPay processed $2.7 billion in transactions in 2023 and plans to expand in the GCC.
- Paymob
- Location: Egypt
- Overview: Founded in 2015, Paymob offers payment acceptance solutions through its gateway and POS terminals. Operating in Pakistan and GCC countries, Paymob raised $68.5 million from investors including PayPal Ventures and Global Ventures.
- O.N.E. Cash
- Location: Yemen
- Overview: Founded by the Hayel Saeed Anam Group, O.N.E. Cash provides mobile payment and transfer services in Yemen. With 200,000 active customers, O.N.E. Cash facilitated 3.2 million transactions worth $1.6 billion in 2023.
- Contact Financial Holding
- Location: Egypt
- Overview: Founded in 2001 by Said Zater, Contact Financial Holding offers non-banking financial services, including consumer finance and insurance. With a market cap of $200 million, Contact plans to expand to the U.A.E.
- HPS
- Location: Morocco
- Overview: Founded in 1995, HPS provides innovative payment solutions and services globally. Listed on the Casablanca Stock Exchange, HPS’s PowerCARD suite is used by over 500 clients in 90 countries.
- Tap Payments
- Location: Kuwait
- Overview: Founded in 2013, Tap Payments offers online payment solutions for businesses across the MENA region. With over 100,000 business clients, Tap Payments is connected to more than 200 banks and offers various payment methods.
- PayOne
- Location: Jordan
- Overview: Established in 2011, PayOne provides payment solutions for businesses, including mobile apps and POS devices. Serving 1,080 corporate clients, PayOne processed $5.3 billion in transactions in 2023.
- Paysky
- Location: Egypt
- Overview: Founded in 2017, Paysky offers digital payment solutions to banks and businesses across MENA and Africa. Partnered with Visa, Paysky’s Yalla Card & Yalla Super App processed $605.8 million in transactions in 2023.
- Telr
- Location: U.A.E.
- Overview: Founded in 2014, Telr provides an online payment gateway supporting multiple currencies and languages. Serving the U.A.E. and Saudi Arabia, Telr processes over two million transactions monthly.
- Beehive
- Location: U.A.E.
- Overview: Founded in 2014, Beehive offers digital finance solutions for SMEs through a peer-to-peer lending platform. Serving 18,500 users, Beehive facilitated $650 million in SME funding and was acquired by e& in 2023.
- Masria Digital Payments (MDP)
- Location: Egypt
- Overview: Founded in 2003, MDP provides card issuing and processing solutions across MENA and Eastern Europe. Serving over 200 banks, MDP issued 340 million cards and processed 2.5 million cards in 2023.
- Rain
- Location: Bahrain
- Overview: Founded in 2017, Rain is a licensed cryptocurrency exchange platform serving the GCC and Türkiye. With over 413,000 users, Rain processed $4.7 billion in transactions and launched “Rain Pro” in 2023.
- Money Fellows
- Location: Egypt
- Overview: Founded in 2016, Money Fellows digitizes Rotating Savings and Credit Associations (ROSCAs). With over four million app downloads, Money Fellows raised $31 million in a Series B funding round in 2022.
- Upayments
- Location: Kuwait
- Overview: Founded in 2016, Upayments provides digital payment solutions for businesses in Kuwait, Saudi Arabia, and Qatar. With 12,500 monthly active merchants, Upayments processed significant transaction volumes in 2023.
- Tarabut
- Location: U.A.E.
- Overview: Founded in 2016, Tarabut is a leading open banking platform operating in the U.A.E., Bahrain, and Saudi Arabia. With significant bank coverage, Tarabut raised $32 million in Series A funding in 2023.
- Lean Technologies
- Location: Saudi Arabia
- Overview: Established in 2019, Lean Technologies offers open banking solutions for businesses to connect consumer bank accounts. Serving 160 clients, Lean processed $1 billion in payments in 2023.
- NEO Pay Iraq
- Location: Iraq
- Overview: Founded in 2019, NEO Pay Iraq provides digital payment services, including prepaid cards and mobile apps. Serving 100,000 active users, NEO Pay processed $400 million in transactions in 2023.
- Automated Services Network Company (eNet)
- Location: Kuwait
- Overview: Established in 2005, eNet offers electronic payment solutions, including kiosks and online portals, processing 21 million transactions worth $415 million in 2023.
- Lendo
- Location: Saudi Arabia
- Overview: Founded in 2019, Lendo is a shariah-compliant P2P debt crowdfunding marketplace focusing on short-term business financing. Lendo secured $35.2 million in funding and facilitated $321 million in SME financing.
- LAMAA
- Location: Saudi Arabia
- Overview: Established in 2021, LAMAA provides invoice financing solutions, including supply chain finance. Supported by Saudi Aramco’s entrepreneurship arm, LAMAA facilitated $2 billion in invoicing since inception.
- Lucky ONE
- Location: Egypt
- Overview: Founded in 2019, Lucky ONE offers credit products and cashback rewards, serving 13 million users in Egypt and Morocco. Lucky ONE raised $50 million in recent funding.
- Thawani Pay
- Location: Oman
- Overview: Founded in 2016, Thawani Pay provides e-payment services, including digital wallets and invoicing. Serving 90,000 users, Thawani Pay processed $173 million in transactions in 2023.
- Ottu
- Location: Kuwait
- Overview: Founded in 2017, Ottu offers payment solutions integrating with over 40 banks. Serving merchants in the GCC and India, Ottu provides end-to-end payment solutions.
- Mercury Payments Services
- Location: U.A.E.
- Overview: Founded in 2016, Mercury Payments Services provides card issuing platforms for ATMs and merchant outlets across the U.A.E., processing $1.25 billion in transactions in 2023.
- Qlub
- Location: U.A.E.
- Overview: Founded in 2022, Qlub offers contactless payment solutions for restaurants, allowing bill payments via QR codes. Operating in multiple countries, Qlub raised $45 million in total funding.
- Telda
- Location: Egypt
- Overview: Founded in 2021, Telda offers a digital banking app for millennials and Gen Z, providing spending accounts and free Telda cards. Telda secured $25 million and processed $300 million in transactions in 2023.
- Postpay
- Location: U.A.E.
- Overview: Founded in 2019, Postpay provides BNPL services, allowing users to split purchases into four installments. Serving 1.5 million users, Postpay raised $63.5 million in funding.
- Hesabe
- Location: Kuwait
- Overview: Founded in 2018, Hesabe offers comprehensive payment services, including QR code payments and POS terminals. Processing $700 million in transactions in 2023, Hesabe plans to launch new products in 2024.
- Zbooni
- Location: U.A.E.
- Overview: Founded in 2016, Zbooni provides mobile invoicing and payment solutions for merchants. Serving 10,000 merchants, Zbooni recorded $250 million in sales in 2023 and launched a new app for Shopify merchants.
- Fintech Galaxy
- Location: U.A.E.
- Overview: Founded in 2017, Fintech Galaxy provides an open banking platform integrating financial institutions and fintechs. Serving 350 clients, Fintech Galaxy raised $8 million in funding and commercialized FINX Comply.
- Tameed
- Location: Saudi Arabia
- Overview: Founded in 2019, Tameed is a debt crowd lending platform focusing on government purchase order financing. With 22,800 investors, Tameed raised $15 million in Series A funding in 2023.
- Klickit
- Location: Egypt
- Overview: Founded in 2017, Klickit provides a payment management system for the education sector, working with 30,000 schools and processing $150 million in transactions in 2023.
