Top 10 Fintech Startups in MENA 2022
Driven by a digital population, the world of financial technology (Fintech) is booming. Whether it’s e-payments, blockchain technology or digital banking, entrepreneurs are turning to fintech ventures. In fact, it has been reported that fintech startups in MENA saw a 186% growth in investment in 2021.
With this rapid evolution towards digitizing the way we handle money, fintech startups are being funded to do big things!
Here are the top 10 fintech startups in MENA for 2022:
1. AMAN Holding
Specializing in providing microfinance, buy-now-pay-later (BNPL) solutions, e-payments and SME services, AMAN holding is one of the leading fintech companies in Egypt and regionally. Considered one of Forbes’ top fintech companies, the financial services provider has seen $1.3 billion worth of transactions in 2021 and has been downloaded 800,000 times.
With its huge plans, the Egyptian fintech leader raised its capital by around 240B EGP in 2022 to push for more expansion in the country.
2. BitOasis
Although BitOasis was founded in 2015, the cryptocurrency platform expanded its operations to 13 countries in the region already!
Co-founded by Ola Dudin and Daniel Robenek, BitOasis is the first and largest cryptocurrency platform in the Middle East. It offers its users a place where they can buy, sell and trade cryptocurrencies in a safe and regulated manner.
3. Eazy Financial Services
Eazy Financial Services is a leading Kuwaiti payment service provider, and offers its customers a range of financial services. From POS systems and online payment excursions to digital banking, the company believes in innovation and aims to create secure and simple payment methods.
In addition, Eazy offers its customers the ability to pay in real time using their cryptocurrency!
4. HyperPay
HyperPay is the leading payment gateway and aims to revolutionize the future of payments. The company offers payment solutions that meet customers’ needs while ensuring a simple, flexible and secure process.
Led by Mastercard, HyperPay received $36.7 million in investment to expand into Egypt, Qatar and Oman. Additionally, 112 million transactions were processed by the company in 2021, amounting to around $4.7 billion.
5. MadfooatCom
Headquartered in Jordan, MadfooatCom offers payment solutions and presentation of invoices in real time. It built and operates Jordan’s leading electronic invoice presentation and payment service, eFAWATEERcom, which is connected to all financial institutions in the Kingdom.
The company also operates in Palestine and Oman, was downloaded more than 1 million times and has more than 3.5 million users.
6. Mercury Payments Services
Mercury Payments Services aims to create a seamless and cashless payment experience for its customers. As a leading payment scheme in the Middle East, Mercury Payment Services offers its customers a range of cards that are contactless and accepted at more than 31 million merchants and 1.5 million ATMs in 185 countries.
7. MNT-Halan
First founded as a delivery application, MNT-Halan soon changed course and became a leading payment and lending platform in MENA. Since its establishment, it has disbursed more than $2 billion in loans and served over 4 million customers.
Having the edge of being a delivery application, the company also offers last mile courier delivery with its BNPL services. In fact, the Egyptian fintech company acquired Talabeyah, a B2B e-commerce and delivery platform, earlier this year.
8. Late payment
Postpaid supports the idea of buy-now-pay-later, and is a financial platform that allows users to buy things and pay in 3 installments. And as long as the installments are paid on time, Postpay does not charge any fees from its customers!
Postpaid has seen a lot of popularity since its inception back in 2019. It is reported to have around 1 million active users and to have handled around $500 million in transactions in 2021.
9. Sarwa
Sarwa is a financial and trading platform that allows users to trade stocks, ETFs, cryptocurrency and make investments. The company was able to land a 15M investment last August, and has around 40,000 registered users.
10. Tamara
Saudi Arabia’s leading buy-now-pay-later platform has seen great success in just two years! Tamara collaborated with leading international companies such as IKEA and SHEIN to make payment easy and seamless for their customers.
With around 3 million active users and $100 million in second round funding, Tamara aims to give a new face to payments!
