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Forbes Middle East has released its “Top 25 Middle East Fintech Companies for 2022,” highlighting innovators in the financial services space who are helping businesses digitize and helping consumers pay and move money.
The list is constructed based on the amount executed through the company’s digital channels in 2021, the number of downloads and active users, geographic distribution, annual growth, innovation, impact and funding from venture capitalists.
The list is in chronological order; this is not a ranking. Fintech businesses owned by exchanges, traditional banks, governments and telcos are excluded.
The payments company is the most represented company on the list. Jordan’s MadfooatCom is one of the top performers after processing more than $13 billion in transactions in 2021. Egypt’s Fawry, Saudi Arabia’s PayTabs and Kuwait’s MyFatoorah have also revolutionized the industry in their homeland. There are four buy now pay later: Tamara in Saudi Arabia, ValU in Egypt, and Tabby and Postpay in the United Arab Emirates.
Several companies have attracted landmark funding. Lending platform MNT-Halan raised $120 million, digital payments platform Paymob raised $50 million, and crypto-asset exchange BitOasis secured $30 million in Series B funding.
Of the 25 entries, 13 companies were founded by a single entrepreneur and 12 companies were founded by two or more founders. The UAE, Saudi Arabia and Egypt make up more than 70% of the list. The UAE dominates with 8 entries, followed by Saudi Arabia and Egypt with 5 entries each.
Kuwait, Bahrain and Jordan account for 3, 2 and 1 fintech on the list respectively. – arab trade news agency
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