Top 20 fintech companies in the MENA according to Forbes Middle East


By  Tarek Ghobar , Co-Founder .


The financial world is witnessing a monumental shift in both the way it conducts business with individuals and corporates, and in the client expectations when it comes to services and lifestyle integrations. In the past decades, banks and financial institutions have evolved from being simply the place where money is stored and loans given out, to institutions entrenched in people’s daily lives as users become more digitally savvy. Even the 30% discount on your next holiday could be a deal facilitated by the bank nowadays. 


This has also fueled a tidal wave of fintech companies that aim to either disrupt banking and take a piece of their market share, or simply partner with them to give them a competitive edge. Fintech companies are tackling all aspects of value transfer in the financial industry such as financial inclusion, financial services comparison, online and instore payments, and even customer service among others. This is not only limited to new fintech startup companies either, large established companies in the region such as Careem has also started to act more like a fintech than just a ride hailing app with the launch and marketing of Careem Wallet. 


Forbes Middle East, in an effort to highlight the most innovative fintech companies in the Middle East and North Africa, has named the Top 20 Fintech in the region for 2019 in its September issue ranked based on funds raised and scalability of the business. Below is a list of the fintech companies making waves in the region:


Company name 

Description 

Founders

Funding 

Investors 

Country 

Year of establishing 

PayTabs

Online Payment Processing Solutions

Abdulaziz Al Jouf

$26 M

Saudi Aramco- Private Investors

Saudi Arabia

2013

Bayzat

Online Health Insurance And HR Solutions Provider

Talal Bayaa And Brian Habibi

$25 M

BECO Capital- Precinct Partners- RAED Ventures- Delta Partners Group- WOMENA- Silicon Badia- Vision Ventures- Undisclosed Investor

UAE

2014

Aqeed

Insurance Solutions Platform

Hadi Radwan

$18 M

Equitrust And Private Family

UAE

2018

Beehive

SME Focused Peer2peer Lending Platform

Craig Moore

$15.5 M

Riyad TAQNIA And Mohammed Bin Rashid Funds- Angel Investors

UAE

2014

Souqalmal.Com

Financial Products Comparison Site

Ambareen Musa

$15 M

GoCompare- UAE Exchange- Riyad Taqnia Fund- VentureSouq- NNS Capital- HummingBird

UAE

2012

Eureeca

Crowdfunding Platform

Sam Quawasmi And Chris Thomas

$12.3 M

Singularity Investments- Bahraini Investment Bank- Former CB Vice Governor Lebanon- Former MD Of World Bank And Crowd/Angel Investors

UAE

2013

Liwwa

Peer-To-Peer Lending Platform

Ahmed Moor And Samer Atiani

$8.55 M

MENA Venture Investments- BaE DASH-Silicon Badia- SAT- FMO

Jordan

2015

Expensya

Cloud Based Multi-Platform Expense Management Software

Karim Jouini- Jihed Othmani

$5.7 M

ISAI- Seventure Partners- Angel Investors

Tunisia/ France

2014

NymCard

Payment Solutions

Omar Onsi And Ayman Chalhoub

$4 M

B&Y- Phoenician Fund- M1 Group

Lebanon

2016

POSRocket

IPad-Based Point-Of-Sale Solutions

Zeid Husban

$2.36 M

Algebra Ventures- Jabbar Internet Group- Propeller Inc.- Arzan- KISP Ventures- Hala VC- Angel Investors

Jordan

2016

Sarwa

Robo Wealth Advisor

Mark Chahwan- Jad Sayegh And Nadine Mezher

$1.5 M

Shorooq Investments- 500 Startups- MEVP- WAIN- Hala Ventures- Saned Equity Partners

UAE

2016

Risk+ Solutions

Financial Intelligence And Risk Management Solutions

Jad G. Doumith And Chadi El Nawar

$1.45 M

Phoenician Fund 1

Lebanon

2016

Zbooni

Connected Chat Commerce App

Ramy Assaf- Mohamed Hamedi- Ashraf Atia

$1.4 M

MEVP- Chalhoub Group Corporate- B&Y Venture Partners

UAE

2017

Democrance

Insurance Marketplace For The Underserved

Michele Grosso Alberto Perez And Damian Dimmich

$1.3 M

Jabbar Internet Group- Eos Venture Partners- Turn8- F-Horizon Group- Seedstars And IFAD

UAE

2015

Vapulus












E-Payment Gateway

Abdelrahman El Shaarawy- Islam Mousa- Khalid Gabr

$1.065 M

Shan Investments & Foras Masr- AZI Investments- 500 Startups- Angel Investors

Egypt

2016

Monami TechFinancial Services

Ammar Afif

$1 M

PGH

UAE

2016

Moneyfellows

Crowd Funding From Social Networks

Ahmed Wadi

$980 K

DAI- 500 Startups- Angel Investors- Startupbootcamp Fintech London And Flat6labs

Egypt

2016

PointCheckout

Payment Gateway For Loyalty Points

Bashar Saleh And Tarek Ghobar

$600 K

500 Startups- Arzan VC- Dubai Angel Investors- Hala VC- Dtec Ventures And Composite Ventures

UAE

2017

Foloosi

Payment Solutions Platform

Omar Bin Brek- Mohan Karuppiah

$500 K

Angel Investor

UAE

2018

Paymob

Digital Financial Enabler

Islam Shawky- Alain El-Hajj- Mostafa Menessy

Confidential

A15

Egypt

2015



Last Updated  September 29, 2019