Fintech Galaxy acquires Egypt’s Underlie as it expands its regional Open Finance footprint

By Edlyn Cardoza

UAE-based Fintech Galaxy, the first central bank-regulated Open Finance platform in the Middle East, announced the acquisition of Underlie, an Egypt-based Open Banking platform that offers APIs to banks and businesses. The agreement will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.

“Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us accelerate our Egypt market penetration, increase expansion in the region and unlock countless opportunities to create new Open Banking/Open Finance enabled use cases, ” so Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors. Al Zamil added that all of Underlie’s current employees have been retained and warmly welcomed the Fintech Galaxy Egypt business.

Open Banking and Open Finance – are the essential engines behind the digital transformation in Egypt. The country is fast becoming a thriving FinTech hub, boosted by 230% growth in cashless payments and the local Open Finance market expected to grow by 25% annually over the next 5 years. Egypt has nearly 39 banks across the country, and it provides an opportunity to fast track the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s Open Banking/Open Finance strategic roadmap.

Mirna Sleiman, CEO and founder of Fintech Galaxy, said: “The acquisition of Underlie anchors our Open Banking/Open Finance efforts and enables us to successfully deliver enhanced, seamless and enjoyable financial experiences, expanding and consolidating our position across the MENA markets. Collaboration across borders are the key to moving the needle on financial inclusion in Egypt and beyond.”

Underlie’s Open Banking platform and expertise, including strong API connectivity and payment capabilities, have shown significant growth in the Egyptian market, offering customized products to consumers. Underlie’s customer-centric approach and ambition to understand FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services complement Fintech Galaxy’s vision, existing distribution channels, technology, data practices and relentless focus on quality.

“This acquisition is proof of the positive impact Underlie has achieved so far,” said Akram Abdou, founder of Underlie. “We are delighted to join forces with FTG and succeed in the wider regional Open Finance mission.”