We have frequently written articles on the Top 10 fintech powerhouses for different parts of the world. This blog, we have come up with the Top 10 Fintech Powerhouses for the region of the most discussed country in this world—yes, you are right—Middle-East ASIA!
It was quite challenging to compile this list, but here we are with the efforts of our extraordinary staff writers.
The Middle East is another dynamic region for fintech innovation, with many companies transforming the financial domain via digital solutions. Here are 10 famous fintech powerhouses in Middle East.
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Fawry for Banking Technology and Electronic Payments (Egypt)
Its peer-to-peer approach lets corporations and SMEs accept electronic payments via websites, mobile phones, and POS systems. In 2022, Fawry processed $6.8 billion in transactions for 49.4 million customers through 36 member banks and 280,000 agents. The subsidiary, Fawry Microfinance, debuted “Tamweelak Fawry,” a digital loan request and tracking smartphone app, in November 2022.
It expects to introduce BNPL service in 2023. Company revenue rose 37.5% to $75 million in 2022. Its market cap was $542 million on March 21. With 12.6%, ADQ is the largest shareholder.Leading Egyptian digital transformation and fintech platform Fawry for Banking Technology and Electronic Payments S.A.E. has revolutionized Omni channel payment in Africa and the Middle East for over a decade. Fawry offers over 1,186 financial services to consumers and businesses through over 225 thousand locations, making bill payment easy online, using ATMs, mobile wallets, and retail points. In Egypt, Fawry is the preferred platform for over 29.3 million clients. In less than 11 years since its start, Fawry’s transaction volume has reached a record 81 Billion-EGP due to its quick market penetration and constant quality of service.
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Tabby (Saudi Arabia)
Tabby, a shopping and financial services app, lets customers buy now and pay later (BNPL). Its partnerships with regional retailers improve user shopping experiences. Tabby lets you shop now and pay in 4 interest-free payments.Tabby+ lets you pay in 4 for groceries, utilities, and fuel anyplace VISA is accepted.
Tabby helps over 40,000 multinational brands and small businesses like SHEIN, Amazon, Adidas, IKEA, H&M, Samsung, and Noon develop and gain loyal customers by offering flexible payments online and in stores. Tabby in Saudi Arabia, UAE, and Kuwait is valued at $1.5 billion after receiving money from Wellington Management, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures, Bluepool, Hassana Investment Capital, Soros Capital Management, and Saudi Venture Capital.
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MadfoatCom for ePayments Company (Jordan)
Jordan’s MadfoatCom specializes in bill presentation and payment solutions. It simplifies Jordanian bill paying by letting consumers examine and pay invoices online. Customer inquiries and payments can be made using MadfoatCom, an online, real-time bill presentment and payment system (EBPPS). MadfooatCom was founded in 2011 with partnership and support from Oasis500 (Funded by King Abdullah II Fund for development) and strategic shareholders from Jordan and GCC to connect banks with billers for 24/7 electronic bill payment and inquiry. Offering businesses and individuals seamless global electronic presentment and payment services. By simplifying payments, we let businesses focus on customer value and individuals live better. To lead the disruption of cash payments by providing new technologies that make electronic payments convenient for everyone, everywhere, and anytime.
PayTabs Group (Saudi Arabia)
PayTabs provides businesses with a secure online payment platform. Merchants in the Middle East and abroad can easily process transactions using its multiple payment methods and currencies. PayTabs provides simple, secure, and scalable payments infrastructure solutions to support local business and financial inclusion in the region. Saudi businessman Abdulaziz Al Jouf created the company. PayTabs executed its first live payment gateway transaction in 2014 and now processes transactions in many currencies and markets quickly and securely. PayTabs helps merchants, super merchants, and governments streamline e-commerce and social commerce by providing B2B payment infrastructure like digital invoicing, QR codes, social media payments, point of sale, and switching platforms. PayTabs has custom-built and exported game-changing solutions for over a decade. These include mobile apps, hotel, governmental, education, airline, travel, transport, and biller solutions that connect the region’s multi-billion-dollar enterprise sector. PayTabs released PT Touch, the first soft POS solution in MENA, in 2021 to turn smart phones into merchant POS terminals. PayTabs launched their home-owned, globally certified unified payments and orchestration platform in 2022 to pioneer next-generation payments. PayTabs universal payment processing orchestration lets governments and major originations become independent payment platforms for their industry. The company added Türkiye’s Paymes social commerce platform to its retail portfolio in 2022. Saudi Payments certified PayTabs’ payment gateway in early 2023. PayTabs was named MENA’s Best Merchant Solution and Fintech Company of the Year in 2023.
Wio Bank (U.A.E.)
The digital financial platform was designed to revolutionize banking for all users.Wio Bank is a United Arab Emirates-based digital banking platform that was founded in 2022. With the goal of improving user experience through creative banking solutions, it provides a variety of financial services designed for the digital era.
ZainCash (Iraq Wallet For Payment)
E-payment platform ZainCash Iraq offers money transfers, bill payments, and mobile wallets. It strives to improve Iraqi financial access through digital products. Transfer money worldwide with Western Union and enjoy quick peer-to-peer transfers, making global financial transactions easier than ever.Send and receive money easily, safely, and quickly across Iraq. Its simple payment alternatives make bill payments easy for maximum convenience.
Tamara (Saudi Arabia)
Tamara is the premier fintech platform in Saudi Arabia and the broader GCC region, dedicated to enabling individuals to realize their aspirations by developing the most customer-centric financial super-app in existence. The company provides services to millions of consumers in the region and collaborates with prominent global and regional brands, including Amazon, SHEIN, Jarir, noon, IKEA, eXtra, and Farfetch, as well as small and medium-sized businesses. Tamara, the first fintech unicorn in Saudi Arabia, is supported by Sanabil Investments, SNB Capital, Checkout.com, and Coatue, among others. The organization is headquartered in Riyadh and maintains regional and global support offices.
MNT-Halan (Egypt)
MNT-Halan’s innovative digital platform provides convenient, seamless, and affordable financial solutions for millions of people and ambitious enterprises. Based on innovation and simplicity for daily living, MNT-Halan believes financial access helps people achieve their goals. Egypt’s first app lets users obtain, make, transfer, play and win money, and shop. SME financing, payments, consumer finance, and e-commerce comprise the MNT-Halan digital ecosystem. At +1.5 million quarterly active users, MNT-Halan serves over 7 million Egyptian consumers. MNT-Halan has the Financial Regulatory Authority’s micro, consumer, and nano finance licenses and the Central Bank of Egypt’s first independent electronic wallet license to disburse, collect, and transfer money via mobile apps.
MyFatoorah (Kuwait)
MyFatoorah is a Kuwait-based payment solutions company. Smart Payments for Intelligent Businesses: MyFatoorah is the premier payment gateway in the Middle East, providing enterprises with immediate invoicing solutions and seamless online transactions. Its secure platform seamlessly integrates with major institutions to expedite settlements and optimize financial operations, providing an unparalleled payment experience for forward-thinking businesses. Join the thousands of successful enterprises in the region that are revolutionizing the way they manage payments and expand their businesses with MyFatoorah.
Foodics (Saudi Arabia)
Cloud-based restaurant management and payment technology business Foodics. It streamlines Middle Eastern food and beverage operations with point-of-sale, inventory, and payment processing solutions.
Foodics, the largest restaurant operations and payment tech in MENA, powers +30,000 eateries with an all-in-one software ecosystem to manage and scale. They aim to assist restaurant owners realize their culinary dreams with financial security and personal fulfillment. They foresee a future where every restaurant transaction, from consumers to suppliers, flows easily through its platform, improving operational efficiency, customer connections, and financial success.
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