3 FinTech Companies Impacting Iran’s Financial Services Industry

By Leandra Monteiro

A few years ago, The Central Bank of Iran (CBI) proposed its roadmap for 2025, which aims at developing a strong future for the banking system. The roadmap is set to outline an appropriate role for FinTech companies in the Iranian banking system, including a separate regulatory body to monitor and support FinTech services.

According to Statista, the Iranian market’s largest segment will be digital payments with a total transaction value of USD 22.12 billion in 2022. The average transaction value per user in the Neobanking segment is estimated to amount to USD 14.99,000 in 2022. With the segment expected to show revenue growth of 44.8% by 2023.

Every year, technology companies dig deeper into the financial services value chain and also create new market structures in underbanked developing countries like Iran. Pure FinTech players are now sharing the market with some banks offering new, digital-friendly banking services and integrating digital payments, microfinance and robo-advisor services into existing bank accounts.

Here are 3 such FinTech companies leading the way in Iran:

Bahamta is a payment service provider. It provides payment and receipt of money for companies and individuals. It allows the user to create a bill for customers to request money and is notified when the bill is paid. They offer a mobile application available for Android and iOS platforms. Also provides API payment gateway for payment processing.

Jibimo is a peer-to-peer mobile payment application for both consumers and businesses that allows customers to pay or refund friends or partners instantly, at no cost! With Jibimo, your mobile becomes a connected wallet. It’s easy, social and secure. It provides an API gateway for businesses for payment processing.

As the first and one of the largest LendTech startups in Iran, its online platform provides the ability to invest smartly and pay in installments at the same time by empowering individuals and businesses to join the sharing economy. Lendo has come up with solutions within Installment purchases and the payment industry through the integration of information technology and financial innovations such as credit assessment based on artificial intelligence.

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