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The transaction will help accelerate market penetration of FTG’s Open Finance and Open Banking platform in Egypt, develop and launch new digital solutions, and drive financial inclusion forward.
M&A activity in emerging risk markets has been at an all-time high this year. The number of exits in the MENA region exceeded the number recorded in the past year. While economic conditions have played an important role in instilling new exit strategies for start-ups, it has indeed led to some very interesting cross-market acquisitions in the MENA region.
We’ve already seen KSA’s Floward acquire Kuwait’s Mubkhar, and earlier this year, KSA’s e-commerce startup Sary acquired Egypt-based B2B platform Mowarrid as part of its expansion plans in MENAP.
In terms of fintech-based acquisitions, real estate platform Huspy acquired lending advisory firm Finance Lab and independent financial advisor Just Mortgages. Meanwhile, super app Careem also acquired Denarii Cash to use the platform’s remittance technology to connect customers and drivers with remittance services.
According to the two companies, Underlie’s client-centric approach and ambition to understand the needs and pain points of financial institutions, providing them with new proposed revenue streams and tailored products and services, complements Fintech Galaxy’s vision, existing distribution Channels, technology, data practices and a relentless focus on quality.
“Underlie’s expertise in building Open Banking APIs and local market knowledge will help us accelerate market penetration in Egypt, facilitate expansion in the region, and unlock countless opportunities to create new Open Banking/Open Finance enabled use cases,” said Riyadh Al-Zamil — Chairman of the Board and Investors of Fintech Galaxy.
Al-Zamil added that all of Underlie’s current employees have been retained and warmly welcomed the operations of Fintech Galaxy Egypt
Underlie leverages open API technology and machine learning to enable banks and fintechs to deliver better services and benefits to their customers.
“This acquisition is a testament to the positive impact Underlie has had to date,” said Underlie founder Akram Abdou.
“We are delighted to join forces with FTG and to succeed in our broader regional mission of open finance.”
Fintech Galaxy operates in the UAE, Saudi Arabia, Bahrain, Egypt, Lebanon and Moldova and is committed to building the most secure, reliable and developer-friendly open financial platform in MENA and beyond.
Mirna Sleiman, CEO and Founder of Fintech Galaxy, said: “The acquisition of Underlie underpins our Open Banking/Open Finance efforts, allowing us to successfully deliver an enhanced, seamless and enjoyable financial experience, expanding and strengthening our presence in the Middle East and North Africa. Cross-border cooperation is key to driving financial inclusion in Egypt and beyond.”
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