Top 10 UAE-Based FinTechs to Watch in 2023

The UAE has shown a strong interest in fintech, which is no surprise given the region’s high mobile penetration and demand for technological advancements. With the rise of digital banks and innovative fintech startups shaking up the market, we’ve put together a list of the top 10 companies to watch in the coming year.

*We have placed these in no particular order of success, as they are all outstanding companies offering innovative and disruptive services in their respective marketplaces.

Telr’s mission is to create seamless connections in the e-commerce ecosystem by removing fragmentation, with a focus on enabling cashless transactions and digitizing payment acceptance methods for customers. While Terl’s headquarters are in Singapore, the business’s technology is managed from Dubai, with additional offices in Riyadh and Mumbai to cater to clients in KSA and India respectively. As a result, Terl provides payment gateway services to businesses registered in UAE, KSA and India.

BitOasis, the largest cryptocurrency platform in the MENA region, is headquartered in the UAE. Since its establishment in 2015, BitOasis has been a trailblazer in the region’s cryptocurrency ecosystem, serving both novice and expert traders. It aims to provide the safest and most regulated infrastructure for retail and institutional customers across the region, making it the best platform for buying, selling and trading cryptocurrency. BitOasis aspires to be the best cryptocurrency platform in the region by providing a user-friendly, secure and compliant way to engage in cryptocurrency trading.

Groundbreaking FinTech Pyypl is driven by the belief that everyone in the digitizing world deserves safer, faster and smarter financial services than traditional cash. Their innovative technology enables users to access all important financial services directly from their smartphones, securely and affordably.

The company began its journey towards financial inclusion in 2017, with a team of industry experts who have decades of experience in the fintech sector. Today, with a community of over 150 individuals and a million plus users, Pyypl’s core philosophy is to simplify people’s financial lives by designing products that are easy to use.

NymCard is a unique BaaS provider located in the Middle East, offering a modern payment issuance and processing platform that enables thriving startups, FinTechs, large enterprises and banks in the MENA region to instantly create, control and distribute virtual or physical cards through their fully public API platform. The company’s mission is to simplify the integration of financial services into applications and customer journeys for payment innovators.

Yap is on a mission to change the way you see money. The name YAP is ‘PAY’ spelled backwards, reflecting the company’s vision to transform the payments industry. Founded by Marwan Hachem and Anas Zaidan, YAP aims to eliminate the need for multiple bank accounts or different financial apps to manage personal finances. YAP’s all-in-one money app allows users to track spending, pay bills and transfer money locally and internationally with no minimum balance requirements.

Cashew is a financing company with a focus on payment solutions in the MENA region. Their aim is to address the challenges consumers face when accessing finance at the point of sale. Their goal is to provide a technological solution that offers a faster and fairer way to pay, making it easier for people to finance important purchases. By actively listening and celebrating diversity, Cashew strives to become a more inclusive organization that reflects the wider community it serves.

The founders of Qlub observed a startling trend while building and growing several Internet startups and raising millions of dollars: the dining experience had seen very few technological advances over the past two decades, unlike several other industries that had been disrupted or streamlined through innovation. When the pandemic necessitated a change, Qlub answered the call. They developed the payment function of the future by combining QR codes with cashless payments. This work was challenging but rewarding. Qlub received $17 million in funding and now has a team of over 200 members worldwide.