FinTech startups are simplifying and speeding up the financial infrastructure all across the globe. The worldwide FinTech sector is expected to reach a valuation of USD 305 billion by 2025, as per Investment Monitor, with a CAGR of 20% over the next few years. Simplicity, efficiency, pushing “unbanked” individuals closer to the system, and rising health and hygiene concerns are all driving the FinTech market’s meteoric rise.
The Rise of FinTech Startups in the UAE
The Middle East isn’t exempt from this worldwide shift, and the region is exhibiting signs of a robust financial entrepreneurial ecosystem. Across industries, the UAE is a major participant in the area. Per a survey by IBS Intelligence, the UAE is a haven for nearly half of the region’s FinTech startups.
The primary pillars of the UAE’s financial services and FinTech achievements are Abu Dhabi Global Market and Dubai International Financial Centre, two of the UAE’s most significant financial free zones. According to the World Bank, it is the most business-friendly country in the Middle East and North Africa. Regulators throughout the country, however, are in various phases of development as authorities struggle to figure out the best way to safeguard people while also promoting digital innovation.
The Middle East’s FinTech Startups are Creating Ripples
Per Fitch Ratings, the UAE economy will not be able to recover to pre-pandemic levels until 2021. After a steep 6.1 percent decline, it anticipates a 4% improvement in 2021. The sluggish rebound, according to Fitch, is due to relatively restrictive budgetary measures and a slow worldwide economic revival. Meanwhile, a number of FinTech start-ups are creating ripples in the market across the UAE. Let’s take a look at some of the most well-known emerging Top FinTech startups or businesses that are poised to disrupt the whole financial ecosystem:
1. Mamo Pay
- Founders: Asim Janjua
- Industry: P2P, Fintech, Billing, and Payment
- Founded In: Jun 1, 2019
- Funds raised: $ 9.5 M
Mamo Pay is a Dubai-based peer-to-peer (P2P) payment app that was established in 2019 by former Google workers. Users may make payments and transfer the funds using simply the user’s email, according to FinTech. This streamlines the procedures and data that banks often request, such as IBAN numbers.
The company became operational in December 2020 right after obtaining $1.5 million in April from Global Founders Capital (GFC) with involvement from VentureSouq, Global Ventures, Dubai Angel Investors (DAI), MSA Capital, 500 Startups, and several angel investors. In June, it became a member of Visa’s FinTech Fast Track program.
- Founders: Anton Badashov
- Industry: Fintech
- Founded In: Mar 2020
- Funds raised: $8.5 M
Ziina, a UAE-based FinTech, offers customers an application for simple P2P transactions. To safeguard its customers’ money and data, the mobile app has banking-grade security and end-to-end encryption. Furthermore, the mobile app does not require users to submit personal information such as banking numbers in order to switch funds.
The digital method makes it easier to make transactions among friends and family while also minimising the need to carry cash with you all the time. The software, which is now available on Android and as well as iOS for Emiratis, makes it simple for friends and family to divide the expense of takeaway or groceries.
- Founders: Sara Zayat
- Industry: Finance, Mobile Payments, Internet
- Founded In: Jan 1, 2015
- Funds raised: over $100 M
Trriple is a UAE-based digital payment network that caters to both individuals and companies. It offers a secure and easy mobile wallet payment method, ranging from daily purchases to quicker and enhanced business payouts. Consumers may use their Trriple mobile wallet to use a variety of online and in-store payment options, including bill payments, retail payments, remittances, paychecks, and coupons & reward points.
Trriple’s mobile phone wallets, digital KYC, NFC contactless payments, and real-time remittance are all enabled by digital technology. Trriple’s m-Commerce transactions in the UAE are enabled by its integration with the banking industry.
- Founders: Hosam Arab
- Industry: Financial Services, Payments, Billing
- Founded In: 2019
- Funds raised: $186 M
Tabby, a FinTech start-up established in Dubai, allows consumers in the UAE and Saudi Arabia to settle their online and offline purchases in a single deferral or in many instalments.
It is a buy-now-pay-later FinTech that connects with merchants to provide their internet and in-store customers with the option of deferring payment for up to 30 days or settling into 4 equal monthly payments at little or no charge to the client. It was established in 2019.
Tabby also established a relationship with Visa and entered the Saudi Arabian Central Bank’s legal framework for FinTech startups in December 2020, raising $23 million in a Series A investment round from Abu Dhabi state investor Mubadala Investment Company and Arbor Ventures. In June 2020, it received a $7 million fundraising round. Users can utilise Tabby’s products at over 500 retailers, including Toys R Us, Ace Hardware, and IKEA, as well as national retail chains like Al Futtaim Group.
It minimises risks relating to online payments for both buyers and merchants, allowing for a larger, safer, and speedier involvement of consumers in e-commerce.
- Founders: Yaroslav Kisylychka
- Industry: Fintech, Banking, Payments
- Founded In: 2018
- Funds raised: $13.6 M
Established in 2018, NymCard is the Middle East’s sole BaaS (backend as a service) provider, delivering a sophisticated payment issuing and processing platform. It’s a contemporary public API platform that enables thriving startups, FinTechs, major organizations, and banks in the MENA area to immediately generate, control, and distribute virtual or real cards.
The firm is headquartered in Abu Dhabi, and the last funding round type and the deal amount was USD 7.6 million for Series A. And the investors involved were Jasoor Ventures, Shorooq Partners, VentureSouq, BY Venture Partners, and Phoenician Funds.
- Founders: Gaurav Gupta
- Industry: Fintech, Payments, Mobile, Internet, Web Development
- Founded In: 2013
- Funds raised: $28.9 M
Telr is a Dubai-based award-winning start-up that provides payment gateway solutions to SMEs, government entities, and major businesses. Its wholly-owned, one-of-a-kind platform allows online global merchants to pay in various currencies and territories with only one integration. It enables companies to provide numerous payment options, such as credit cards, debit cards, online banking, and wallets, to their clients via social media, mobile applications, and websites, allowing them to access a greater portion of the online population.
Founded in 2014 and headquartered in Dubai, UAE, the company’s last funding round type and the deal amount was USD 5.5 million for series A.
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