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Egypt and Saudi Arabia account for 46% of fintech companies in the region, with eight and six respectively, with Egypt’s Fawry for Banking Technology and Electronic Payments topping the Forbes list. Bahrain, Iraq and Morocco recorded one entry each.
Forbes Middle East has released its ranking of the top 30 fintech companies in the region, highlighting the most innovative Middle Eastern companies using the latest technologies to digitize banking, finance and investing.
The list is curated based on the amount executed through digital channels, the number of app downloads and active users, geographical distribution, annual growth rate, innovation, impact, valuation and funding by venture capitalists in 2022. Fintech businesses owned by exchanges, traditional banks, governments and telcos are excluded.
payment company
Payment companies dominate the rankings. Of the 30 companies, three are primarily buy-now-pay-later platforms: Tabby, Tamara, and valU. Tabby raised $58 million in Series C funding in January 2023, giving it a valuation of $660 million, while Saudi Arabia’s Tamara announced a $150 million debt financing from Goldman Sachs in March 2023, bringing its equity and Total debt financing reached $366 million.
Egypt’s Fawry for Banking Technology and Electronic Payments is the third oldest company on the list. Fawry’s revenue will rise 37.5% in 2022 to $75 million. As of March 21, 2023, its market cap is $542 million.
Founded in 1995, Morocco-based HPS is the longest-serving fintech company. It is listed on the Casablanca Stock Exchange and has a market capitalization of $435 million as of March 22, 2023.
youngest listener
In contrast, UAE-based YAP is the youngest listed company, having been established in 2021. The financial super app raised $45 million in funding and has attracted around 200,000 customers and more than 10,000 SMEs.
Egypt’s MNT-Halan ranks fourth, becoming the region’s newest unicorn in February 2023 after securing more than $200 million from Chimera Abu Dhabi.
Top 30 Fintech Companies in the Middle East 2023: Country Breakdown
Egypt-8, Saudi Arabia-6, UAE-5, Kuwait-5, Jordan-2, UAE/Saudi Arabia-1, Bahrain-1, Iraq-1, Morocco-1
Top 5 Fintech Companies in the Middle East 2023
*Fawry Electronic payment platform for banking technology and e-payments, Headquarters: Egypt Founders: Ashraf Sabry, Seif Coutry, Medhat Khalil, Magda Habib, Amjad Sabry
*MadfooatCom for ePayments Company, Bill presentation and payment system, HQ: Jordan, Founder: Nasser Saleh
*Optasia, Financial Services Provider for Mobile Operators and Financial Institutions, Headquarters: UAE, Founder: Bassim Haidar
*MNT-Halan, lending, BNPL and payment platform, headquarters: Egypt, founders: Mounir Nakhla, Ahmed Mohsen
*Tabby, a shopping and financial services app, headquarters: UAE and Saudi Arabia, founders: Hosam Arab, Daniil Barkalov. —trade arab news agency
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