UAE-based Fintech Galaxy has acquired the Open Banking Platform Underlie, based in Egypt. The deal will help to speed up FTG’s Open Finance and Open Banking platform’s market penetration in Egypt, develop and launch new digital solutions and push financial inclusion forward.
According to the companies, Underlie’s customer-centric approach and ambition to understand the FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services, complements Fintech Galaxy’s vision, existing distribution channels, technology, data practices, and relentless focus on quality. “Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us speed up our Egypt market penetration, boost the expansion in the region and release countless opportunities to create new Open Banking/Open Finance-enabled use cases,” said Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors. Al Zamil added that all of Underlie’s current employees have been retained and warmly welcomed to the Fintech Galaxy Egypt operations.
Underlie leverages open-API technology and machine learning to empower banks and FinTech companies to provide their customers with better services and benefits. “This acquisition is a testament to the positive impact Underlie has achieved so far”, said Akram Abdou, Founder of Underlie. “We are delighted to join forces with FTG and succeed on the broader regional Open Finance mission.”
Present in the UAE, KSA, Bahrain, Egypt, Lebanon, and Moldova, Fintech Galaxy is in pursuit of building the most secure, reliable, and developer-friendly Open Finance platform across the MENA region and beyond. According to Mirna Sleiman, CEO, and Founder of Fintech Galaxy, “The acquisition of Underlie anchors our Open Banking/Open Finance efforts and enables us to succeed in providing enhanced, seamless, and enjoyable financial experiences, expanding, and consolidating our position across the MENA markets. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
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