Forbes Middle East Reveals The Middle East’s Top 25 Fintech Companies 2022

Press release
Published August 8th, 2022 - 10:30 GMT
Forbes Middle East Reveals The Middle East’s Top 25 Fintech Companies 2022
Forbes Middle East Reveals The Middle East’s Top 25 Fintech Companies 2022
Highlights
Forbes Middle East has unveiled the “Middle East’s Top 25 Fintech Companies for 2022

Forbes Middle East has unveiled the “Middle East’s Top 25 Fintech Companies for 2022, highlighting the innovators in financial services that are helping businesses go digital and enabling consumers to embrace convenience in the way they make payments and move money. 

The list was constructed based on the amount of money executed through the companies’ digital channels in 2021, the number of downloads and active users each has, their geographical presence, annual growth, innovation, impact, and funding from venture capitalists. The list is presented in a chronological order; it is not a ranking. Fintech operations owned by exchange houses, traditional banks, governments, and telecom firms were excluded. 

Payment firms were the most represented on the list. Jordan’s MadfooatCom is one of the top performers after processing over $13 billion in transactions in 2021. Egypt’s Fawry, Saudi’s PayTabs, and Kuwait’s MyFatoorah are also revolutionizing the sector on their home turf. Four buy-now-pay-later make the list: Saudi’s Tamara, Egypt’s ValU, and the U.A.E.’s tabby and Postpay. 

Several companies attracted milestone funding. Lending platform MNT-Halan raised $120 million, digital payments platform Paymob raised $50 million, and crypto-asset exchange BitOasis secured $30 million in a Series B funding round. 

Of the 25 entries, 13 companies were founded by a single entrepreneur and 12 were established by two or more founders. The UAE, Saudi Arabia, and Egypt comprise over 70% of the list. The UAE dominates with eight entries, followed by Saudi and Egypt with five entries each. 

Click here for the complete list of the Middle East’s Top 25 Fintech Companies 2022.

Top 25 Fintech Companies In The Middle East 2022: Country Breakdown

UAE

8

Kuwait 

3

Egypt

5

Bahrain 

2

Saudi Arabia

5

Jordan 

1

UAE/Saudi

1

   

Background Information

Forbes Middle East

Forbes Middle East has a license for copy rights and distribution rights in the MENA region from Forbes Media, U.S.A.  Under the guidelines standardized amongst all Forbes titles, the magazine features analysis and expert reporting related to the finance and business world, as well as investment opportunities in the Arab region.  Forbes Middle East puts together its lists based on the criterion of neutrality, authenticity, commitment to the methodology of scientific research, and the quality of standards set globally by Forbes through its extensive experience in this field.

Forbes Middle East also serves as a guide for businessmen and decision makers by providing them with information and statistics necessary for making the right decisions. Thus, the magazine becomes the guiding compass for investments in the region. Through its wide network of press correspondents the magazine also works toward covering all the economic fields and issues concerning the Arab region. 

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