- Egypt and Saudi Arabia make up 46% of the Fintech list, with eight and six entries respectively.
- Egypt’s Fawry for Banking Technology and Electronic Payments tops the ranking.
Dubai: Forbes Middle East has revealed its ranking of the region’s top 30 Fintech companies, highlighting the most innovative Middle East-based companies using the latest technology to digitize banking, finance and investment.
The list was curated considering the amount of money made through digital channels in 2022, number of app downloads and active users, geographic presence, annual growth, innovation, impact, valuation and funding from venture capitalists. Fintech businesses owned by stock exchanges, traditional banks, governments and telecom companies were excluded.
Egypt and Saudi Arabia make up over 46% of the list, with eight and six entries respectively. Bahrain, Iraq and Morocco all recorded one entry each.
The payment companies dominate the ranking. Of the 30 companies, three are primarily buy-now-pay-later platforms: Tabby, Tamara and valU. Tabby raised $58 million in a Series C funding round in January 2023, bringing its valuation to $660 million, while Saudi Arabia’s Tamara announced in March 2023 a $150 million debt facility from Goldman Sachs, bringing its total funding to equity and debt to 366 million dollars.
Egypt’s Fawry for Banking Technology and Electronic Payments tops the 2023 ranking. The third oldest company on the list, Fawry’s revenue grew 37.5% in 2022 to $75 million. As of March 21, 2023, the market value was $542 million. Morocco-headquartered HPS, founded in 1995, stands as the longest-serving Fintech firm. It is listed on the Casablanca Stock Exchange with a market capitalization of $435 million as of March 22, 2023. Conversely, UAE-based YAP is the youngest exchange, established in 2021. The financial super app raised $45 million in funding and brought on board around 200,000 customers and over 10,000 small and medium-sized businesses.
Ranked fourth, Egypt’s MNT-Halan became the region’s latest unicorn in February 2023, after securing over $200 million from Chimera Abu Dhabi.
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Top 30 Fintech Companies in the Middle East 2023: Country Overview |
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Egypt |
8 |
Bahrain |
1 |
|
Saudi Arabia |
6 |
Iraq |
1 |
|
UAE |
5 |
Morocco |
1 |
|
Kuwait |
5 |
UAE / Saudi |
1 |
|
Jordan |
2 |
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Click here for the complete list of the top 30 Fintech companies in the Middle East 2023.
Top 5 Fintech Companies in the Middle East 2023
1 | Fawry for banking technology and electronic payments
E-payment platform
HQ: Egypt
Founders: Ashraf Sabry, Seif Coutry, Medhat Khalil, Magda Habib, Amjad Sabry
2 | MadfooatCom for ePayments Company
Bill presentation and payment system
HQ: Jordan
Founder: Nasser Saleh
3 | Optasia
Financial service provider for mobile operators and financial institutions
HQ: UAE
Founder: Bassim Haidar
4 | MNT-Halan
Lending, BNPL and payment platform
HQ: Egypt
Founders: Mounir Nakhla, Ahmed Mohsen
5 | Tabby
App for shopping and financial services
HQ: UAE and Saudi Arabia
Founders: Hosam Arab, Daniil Barkalov
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About Forbes Middle East
Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspirational business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investing, technology, finance, entrepreneurship, leadership and luxury lifestyles. Featuring in-depth interviews with the Middle East’s most influential and innovative leaders, the monthly magazine is published in print in English and Arabic, with digital versions available to both regional and global audiences online. Extending the Forbes brand of journalism across the Arab world, Forbes Middle East conducts its own extensive research to publish original lists that adhere to rigorous methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs and a broad audience of ambitious and influential leaders.
Media contact: Basma Aly Sadek – [email protected]
