Driven by a digital-population, the world of financial technology (Fintech) is booming. Whether it is e-payments, blockchain technology, or digital banking, entrepreneurs are turning to fintech ventures. In fact, it is reported that fintech startups in the MENA saw a 186% growth in investment in 2021.
With this rapid move towards digitalizing the way we handle money, fintech startups are being funded to do great things!
Here are the top 10 fintech startups in MENA for 2022:
1. AMAN Holding
Specialized in providing microfinance, buy-now-pay-later (BNPL) solutions, e-payments, and SME services, AMAN holding is one of the leading fintech companies in Egypt, and regionally. Considered to be one of Forbes’ top fintech companies, the financial service provider has seen $1.3B worth of transactions in 2021 and has been downloaded 800K times.
With its huge plans, the Egyptian fintech leader raised its capital by around 240B EGP in 2022 to push for more expansion in the country.
2. BitOasis
Even though BitOasis was founded in 2015, the cryptocurrency platform expanded its operations to 13 countries in the region already!
Co-founded by Ola Dudin and Daniel Robenek, BitOasis is the first and largest cryptocurrency platform in the Middle East. It offers its users a space where they can buy, sell, and trade cryptocurrencies in a secure and regulated manner.
3. Eazy Financial Services
Leading Kuwaiti payment service provider, Eazy Financial Services provides its client with a range of financial services. From POS systems and online payment getaways to digital banking, the company believes in innovation and aims to create secure and simple payment methods.
In addition, Eazy offers its customers the chance to pay in-real time using their cryptocurrency!
4. HyperPay
Leading payment gateway, HyperPay aims to revolutionize the future of payments. The company offers payment solutions that cater to the needs of the customers while ensuring an easy, flexible and secure process.
Led by Mastercard, HyperPay was able to receive $36.7M in investment to expand into Egypt, Qatar and Oman. In addition, 112M transactions were processed by the company in 2021, which amounts to around $4.7B.
5. MadfooatCom
Headquartered in Jordan, MadfooatCom offers payment solutions and real time bill presentation. It built and operates Jordan’s leading electronic bill presentment and payment service, eFAWATEERcom, which is connected to all financial institutes in the kingdom.
The company also operates in Palestine and Oman, was downloaded more than 1M times, and has more than 3.5M users.
6. Mercury Payments Services
Mercury Payments Services aims to create a seamless and cashless payment experience for its customers. As a leading payment scheme in the Middle East, Mercury Payment Services offers its customers with a range of cards that are contactless and accepted at more than 31 million merchants and 1.5 million ATMs across 185 countries.
7. MNT-Halan
First founded as a delivery application, MNT-Halan soon switched course and became a leading payment and lending platform in MENA. Since its establishment, it has disbursed more than $2B in loans and served over 4M customers.
Having the edge of being a delivery application, the company also offers last-mile courier delivery with its BNPL services. In fact, the Egyptian fintech company bought Talabeyah, a B2B e-commerce and delivery platform, earlier this year.
MNT-Halan's acquisition of B2B e-commerce platform Talabeyah was mentioned in @Forbes_MENA_'s daily brief, presented by @RamiaFarrage. #digitaldisruption #fintech #financialinclusion pic.twitter.com/hxnqROzIpz
— MNT (@MNT_Halan) June 24, 2022
8. Postpay
Supporting the idea of buy-now-pay-later, Postpay is a financial platform that allows its users to buy things and pay in 3 installments. And as long as the installments are paid on time, Postpay does not take any fees from its customers!
Postpay is seeing quite the popularity since its establishment back in 2019. It is reported that it has around 1M active users and has handled around $500M in transactions in 2021.
9. Sarwa
Sarwa is a financial and trading platform that allows its users to trade stocks, ETFs, cryptocurrency and make investments. The company was able to land a 15M investment in August of last year, and has around 40,000 registered users.
10. Tamara
Saudi Arabia’s leading buy-now-pay-later platform has seen great success in only two years! Tamara partnered with leading international companies like IKEA and SHEIN to make payment easy and seamless for its customers.
With around 3M active users and $100M in second round of funding, Tamara aims to give a new face for payment!
