Fintech Galaxy expands as it buys Egypt’s Underlie

UAE-based central bank-regulated Open Finance platform Fintech Galaxy has acquired Underlie, an Egypt-based Open Banking platform that offers APIs to its customers.

This agreement is set to help Fintech Galaxy’s Open Finance and Open Banking services develop across the region and launch new digital solutions for its customers, as well as push financial inclusion forward.

Underlie’s experience and expertise in building Open Banking APIs and the knowledge of the local market will help Fintech Galaxy grow into the Egyptian market, as mentioned by Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors.

Egypt is set to become a well-developed Fintech region, sustained by 230% growth in cashless payments. The local Open Finance market is also contributing as it is expected to grow by 25% annually over the next 5 years. Egypt also has almost 39 banks across the country, which provides the opportunity to speed up the implementation and regulation of the Open API standard.

Underlie’s Open Banking services include a strong API connectivity and payment capabilities, and also offer customers tailored products. The company’s approach to strategy in understanding FI’s needs gives them the ability to create new proposed revenue streams and tailored services and products. Following the agreement with Fintech Galaxy, customers will see a new vision of existing distribution channels, technology, data practices and a relentless focus on quality.

UAE-based global platform Fintech Galaxy is a company that offers its customers financial services, facilitates Open Banking API integration between financial institutions and fintech companies, and drives ecosystem collaboration.

The platform is called FINX and it was designed to offer an Open Finance infrastructure that ensures safe, secure and stable API integrations between all industry players. It also gives more control over payments and data to customers and clients.

Currently, Fintech Galaxy is present in the UAE, Bahrain, Egypt and KSA, offering its services and solutions to over 200 banks and fintech companies around these regions.

Their product, API Sandbox, gives the customer the ability to access an operational and self-contained sandbox environment for secure testing, as well as the ability to publish and consume APIs to rapidly develop and deploy their products and apps.


Underlie’s strategy

Underlie is an Egypt-based company that leverages Open-API technology and machine learning to offer banks and fintech companies the ability to provide their customers with safer services and benefits. The technology and solutions offered by Underlie launch data-driven propositions for their customers by keeping up with the internal development.

Currently, Underlie offers its customers, banks and financial institutions 25+ AP calls to provide third-party collaboration solutions.