Top Financial Technology (Fintech) Companies in the Middle East

Below is a list of influential fintech companies in the Middle East (including the GCC GCC countries and some North African countries), covering segments such as payments, digital banking, blockchain, and more. These companies stand out in terms of innovation, market reach and funding size:

I. Payments and digital wallets

  1. Careem Pay(UAE)
    • The payment tool within the mega-app of online taxi giant Careem has been licensed by the Saudi central bank.
  2. STC Pay(Saudi Arabia)
    • Saudi Telecom launched an e-wallet with the Middle East's first digital banking licence.
  3. Telr(UAE/Singapore)
    • Provides online payment gateway services for SMEs covering the Middle East and South East Asia.

II. Digital banking

  1. YAP(UAE)
    • Branchless digital banking, offering IBAN accounts in partnership with RAKBANK.
  2. Mashreq Neo(UAE)
    • The digital arm of traditional bank Mashreq is seeing rapid user growth.
  3. NEOBYBLOS(Lebanon)
    • Byblos Bank's brand of purely digital services.

III. Cross-border remittances

  1. BitOasis(UAE)[Controversy: partial operational constraints]
    • Cryptocurrency trading platform that was invested in by Coinbase.
  2. [Previously Remitly removed due to absence of headquarters in the Middle East]

IV. Corporate financial services

  1. [Original example of Tabby more in line with buy now, pay later category]
    10.PayTabs (Saudi Arabia)

    • B2B payment solution provider, supporting Islamic finance compliance.

Caveats:

  • 📌 Saudi Arabia's "SAMA" and the UAE's "ADGM" are the main regulators, and compliance affects the ranking;
  • 🔍 Israeli fintechs (e.g. eToro) are usually categorised in the European list;
  • 💡 Newcomers in 2023 include 'MyFatoorah' in Kuwait and 'Fawry' in Egypt.

Further information can be added if country-specific Top 10s or segment analyses (e.g., Islamic fintech) are required.

Here are the Middle East financial technology (Fintech) industry'sDeep Expanded ContentIt covers emerging trends, segmentation and regional development differences to help you gain a comprehensive understanding of the competitive landscape of this market:

V. Buy Now Pay Later (BNPL) area

  1. Tabby(UAE)
    • Largest BNPL platform in the Middle East, covering Saudi Arabia/UAE/Egypt, valued at $1.5bn by 2023.
  2. Tamara(Saudi Arabia)
    • Local BNTL giant licensed by the Central Bank of Saudi Arabia, with partner merchants including SHEIN and IKEA.
  3. Spotii(UAE/later acquired by Zip)
    • Early market educator, now included in the Zip Australia global network.

VI. Cryptocurrencies and blockchain

  1. Rain(Bahrain)
    • The first licensed crypto exchange in the Middle East, regulated by the Central Bank of Bahrain.
  2. [Formerly BitOasis is temporarily on the watch list due to compliance adjustments]

VII. Insurance Technology (InsurTech)

  1. Democrance (UAE)
    • APIs to connect insurance companies with telecommunication carriers to serve low-income immigrant groups.

7.Sehteq(Dubai)
- AXA partner, digitising the health insurance process.

📊 Key Data Pivot

nations Areas of strength Representative companies
abbr. for Saudi Arabia Digital Banking/BNPL STC Pay, Tamara
UAE Payments/Blockchain Careem Pay, YAP
Egyptian Financial Inclusion Fawry, MNT-Halan

🌐 Under-exploited potential markets

  • North Africa:: "MNT-Halan" in Egypt (digital wallet for millions of users + microfinance)
  • Pakistan: Non-Middle Eastern but relevant, 'Sadapay' and others are replicating the Middle Eastern model.

Need a more detailed analysis of financing rounds or policies in a particular country?