3 FinTech companies in Lebanon are making waves in the industry

By Leandra Monteiro

The FinTech market is characterized by a rapidly growing number of startups and businesses without banking licenses (non-banks). In Lebanon, the largest FinTech segment is estimated to be digital payments with a total transaction value of USD 4,902.00 million in 2023. The average transaction value per user in the digital investment segment is estimated to amount to USD 2.47,000 in 2023.

According to MENA Fintech Venture Reporting for 2019, Lebanon ranked third with 9% of the total number of FinTech companies, after the UAE and Egypt, of all FinTech startups in the Middle East and North Africa (MENA). As of 2020, there were 28 startups in Lebanon according to Findevgateway.

Here are 3 FinTechs in Lebanon that are making waves in the industry:

Bluering is a software company that delivers solutions for credit automation and credit risk to the global banking and finance sector. Bluering offers comprehensive and fully integrated software applications through its range of products such as Bluering Corporate Credit, Bluering SME Credit, Bluering Retail Credit, Bluering Risk Rating, Bluering Collateral Management and Bluering Contracts Management.

Bluering’s team of experts helps its customers implement Bluering products through consulting, integration, business process restructuring and many other services that ensure a turnkey implementation.

Capital Banking Solutions is a provider of end-to-end, integrated banking software for businesses across Europe, Africa, the Middle East and the Americas. The company offers a suite of integrated and modular products for retail, corporate and private banks, as well as financial institutions.

Offering flexible delivery models, from on-premises installations to managed hosting to cloud banking, its flagship product, CapitalBanker, provides a core banking platform with a robust set of capabilities to support the business functions of commercial banks.

The company also offers a full portfolio of extensible software modules that integrate with CapitalBanker to enhance key functions such as business intelligence, risk management and compliance, bank office automation and multi-channel support including internet and mobile banking.

PinPay has developed a platform to offer mobile payment and mobile banking solutions. PinPay offers a smartphone application for consumers to enable mobile payments to pay for mobile bills and TV services. The app allows users to pay for the cable vision subscription, parking meter fines, top up internet accounts, buy coupons.

The app also allows users to link their bank account directly to the app and send money to their friends who also use the app. Through the app, users can browse their transaction history and banking activity. The App Service charges for transactions and varies with the type of transactions.

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