Welcome to our daily update for the latest developments and activities of startups in the Arab region. This brief will cover the latest news from the region’s vibrant startup ecosystem.
18th September 2023 Startups Activities News
1. Dinero Pay Obtains a PTSP Permit From the Saudi Payments Authority to Provide E-Payment Services in the Kingdom.
Dinero Pay has obtained a PTSP permit from the Saudi Payments Authority, which enables it to provide payment gateway services and process E-payments. The startup, founded in 2022 by Mohammed Al Moallem, offers software services through a single portal to help e-store owners manage, organize and process payments. According to the company’s statement, this permit represents an essential pivotal point in its journey, as it will enable the startup to establish partnerships with various financial institutions to provide more customer services.
2. UAE Real Estate Platform Stake Receives the Saudi Capital Market Authority Approval to Join Its FinTech Lab.
The UAE real estate investment platform Stake announced that it had obtained the approval of the Saudi Capital Market Authority (CMA) to join its financial technology lab. The platform explained that it plans to offer real estate investment opportunities through its digital application to investors inside and outside the Kingdom by the end of 2023. Founded in 2020 by Manar Al Mahmasani, Rami Tabbara, and Ricardo Prezido, Stake provides retail investors with investment opportunities starting from SAR 500 (approximately $136). The startup indicated in its statement that it signed an agreement with the Arab National Bank at the Seamless Conference in the capital, Riyadh, and this comes as part of its plan to make the process of investing in real estate investment funds accessible and available to Saudi investors and other investors around the world.
3. Flat6Labs Brings Together 24 Startups From Jordan, Lebanon, and Iraq to a Start Mashreq Accelerator Program.
Flat6Labs, the leading accelerator for seed finance and early venture capital provider in the MENA region, has announced the inclusion of 24 startups in its ‘Mashreq Starts’ accelerator program, which began in June 2023 and is scheduled to run until December 2024. These startups are based in Jordan, Lebanon and Iraq and operate in various sectors such as fintech, health technology, e-commerce, and agricultural technology. They include 5 startups co-founded by female entrepreneurs working in the educational technology, energy technology, and real estate technology sectors. Together, these startups generate a total annual revenue of $20.8 million, have raised $38.5 million in funding, and created nearly 700 direct jobs in the three countries. By joining the Bright Growth Accelerator Program, these startups will have the opportunity to access new markets and expand their operations, thereby creating more jobs that will significantly help bring about economic growth and tangible improvement in the countries in which they operate.
4. Saudi Arabia’s FinTech Firm EdfaPay Partners Brazil’s ANFAP to Expand and Offer Its POS Services in Brazil.
Saudi Arabia’s EdfaPay has partnered with Brazil’s ANFAP, which brings together startup payment solutions and services providers, enabling it to expand and offer soft POS services in Brazil. EdfaPay’s solutions help turn smartphones into points of sale, making it easier to process and accept payments for salespeople, stores, shipping companies, and more. The startup said in its statement that it is the first Saudi company to export financial technologies outside the Kingdom, as its financial solutions will enable many companies in the Brazilian market, which is the largest growing Latin American market in terms of electronic payment, where contactless payments through points of sale witnessed a growth of 474% in 2022, compared to 2021 in conjunction with the development of digital payments globally.
5. Resal for E-Pay Solutions, Rewards, and Loyalty Programs Signs Two Strategic Partnerships With SAB Bank and Tawuniya Insurance.
Resal for digital card solutions, rewards, and loyalty programs has signed a strategic partnership with SAB Bank to be the authorized provider of digital cards for the electronic market of the bank’s website and application so that its customers can access a wide variety of digital card options for the most essential brands locally and internationally. SAB is one of the largest banks in the Kingdom, with a history of more than 90 years. Its partnership adds to a list of alliances signed by Resala with several government agencies and the private sector, especially the recent strategic partnership with the Saudi company Tawuniya Insurance, under which Resal will be granted the franchise of the main and approved digital card provider for the Tawuniya Vitality program. In this regard, Resal stated that the partnership enables Tawuniya Insurance Company to offer rewards to its customers through a wide variety of digital card options covering more than 600 local and international brands.
6. Dubai Integrated Economic Zones Authority Partners Massachusetts Institute of Technology to Launch the Dubai MIT Design X Accelerator Programme That Backs Innovative Businesses.
Dubai Integrated Economic Zones Authority (DIZA) has signed a partnership agreement with the Massachusetts Institute of Technology (MIT) to launch the Dubai MIT Design X accelerator programme, the first of its kind in the region, to facilitate the establishment of innovative businesses. The agreement strengthens Dubai’s position as a pivotal global hub for sustainable entrepreneurship. It provides a competitive model environment that supports promoting innovation and launching projects within a comprehensive vision to lead and create the future. The MIT Design X accelerator program has sponsored and graduated 118 companies in many global cities, such as Hong Kong, Venice, Boston, Mexico City, and Reykjavik, with a total value of nearly one billion dollars. Since its inception in 2016, the program has led design innovations and project enhancement to address pressing issues and create compelling opportunities in innovative design and urban environments. The accelerator program aims to focus on sustainability and the future of cities, accelerating the construction of creative projects to enable entrepreneurs in the region to devise practical solutions and innovative designs to address the most pressing global challenges in the urban environment, such as water, climate, food security, and energy. The program provides comprehensive business development and design support, including easy access to MIT experts, professors, investors, and partner companies. According to the agreement, the program will be directed by distinguished faculty at the Massachusetts Institute of Technology (MIT), managed by Global Growth Hub, a Dubai-based management and consulting company that promotes innovation, entrepreneurship, and economic growth.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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