2018-10-31 @ 11:05:00

Top 20 Fintech Startups In The Middle East 2018

Fintech startups have created quite a buzz in the region, raising over $100 million in the last five years. Investment in this sector is well warranted, considering the fact that traditional banks have had limited success in the region, where 70% of the population do not even have a bank account.

When it comes to financial inclusion, the main challenges that the region’s population faces are lack of knowledge and limited access to finance along with expensive and inadequate finances for small business. Many startups on our list are looking to address these market gaps. Startups such as yallacompare and Souqalmal.com allow users to compare and choose the most suitable financial product among an influx of products while crowd funding platforms such as Beehive and Eureeca bridge a gap between investors and business, by helping the fledgling companies get cheaper finance while providing investors with better returns on their deals.

The 20 Fintech startups on our list have raised over $99 million in venture funding, and most of them plan to raise more funds this year. Paytabs, the payment platform that is backed by Saudi Aramco tops the list. The firm has raised $20 million funding that they have used to expand to 17 countries. With half of the startups in our list based in the U.A.E., the country emerges as the hub for fintech while Jordan follows closely with four entries.

  • 1 # PayTabs
  • 2 # Souqalmal.com
  • 3 # Bayzat
  • 4 # Beehive
  • 5 # Yallacompare
  • 6 # Eureeca
  • 7 # MadfooatCom
  • 8 # liwwa
  • 9 # Remitr
  • 10 # Ajar Online
ImageRankNameDescriptionFoundersFundingInvestorsCountryFounded

1

PayTabs

Online payment processing solutions

Abdulaziz Fahad Aljouf

$20 M

Saudi Aramco�s Wa�ed- Angel investment

Saudi Arabia

2014

2

Souqalmal.com

Financial products comparison site

Ambareen Musa

$15.2 M

HummingBird Ventures- NNS Capital- 500 Startups- Riyad Taqnia Fund- Angel investors

U.A.E.

2012

3

Bayzat

Online health insurance and HR solutions provider

Talal Bayaa- Brian Habibi

$12.6 M

BECO Capital- Precinct Partners- RAED Ventures- Delta Partners Group- WOMENA- Silicon Badia- Vision Ventures- undisclosed investor

U.A.E.

2014

4

Beehive

SME focused peer2peer lending platform

Craig Moore

$11.5 M

Riyad TAQNIA And Mohammed Bin Rashid Funds- Angel investors

U.A.E.

2014

5

Yallacompare

Financial products comparison site

Jon Richards- Samer Chehab

$10.1 M

STC Ventures- Wamda Capital- Dubai Silicon Oasis- Saned- Mulverhill Associates- others

U.A.E.

2011

6

Eureeca

Crowdfunding platform

Christoper Thomas- Sam Quawasmi

$7.1 M

Singularity Investments- Bahraini Investment bank- Saudi Financial Institution- crowd and other angel investors

U.A.E.

2013

7

MadfooatCom

Electronic bill presentment and payment service

Nasser Saleh

$7 M

Oasis500 (Accelerator)- 2P Company- AlSulmi and Sons company- Capital bank- Cairo Amman bank- AlEtihad bank and other angel investors

Jordan

2011

8

liwwa

Peer-to-peer lending platform

Ahmed Moor- Samer Atiani

$5.6 M

MENA Venture Investments- DASH Ventures- Bank al Etihad- Badia Impact Fund- Samih Toukan

Jordan

2013

9

Remitr

Money transfer app

Kanchan Kumar- Sandeep Jhingran- Altaf Ahmed- Sandeep Todi

$2 M

Professional angel investors- family & friends

U.A.E.

2015

10

Ajar Online

Rent payment and property management

Shaheen AlKhudhari

Beco Capital- Sharq Ventures

Kuwait

2016

11

Tap Payments

Simplifying online payments

Ali Abulhasan- Ahmed Almunayes- Mohammed Abulhasan

ITG

Kuwait

2013

12

Risk+Solutions

Financial intelligence and risk management solutions

Jad Doumith- Chadi El Nawar

$1.5 M

Phoenician Funds

Lebanon

2017

13

OneGram

Asset backed cryptocurrency

Ibrahim Mohammed

ICO

U.A.E.

2017

14

Moneyfellows

Crowd funding from social networks

Ahmed Wadi

$800K

500 Startups- Dubai angel investors and others

Egypt

2016

15

Democrance

Insurance marketplace for the underserved

Michele Grosso- Alberto Perez- Damian Dimmich

$770K

Jabbar Internet Group- EOS Venture Partners- other private and institutional investors

U.A.E.

2015

16

POSRocket

iPad-based point-of-sale solutions

Zeid Husban

$650K

Jabbar Internet Group- Arzan VC- Propeller Inc.- angel investors

Jordan

2016

17

Peaqock Financials

Fintech

Mohammed Benkhaled

$300K

Maroc Numeric Fund

Morocco

2013

18

CashBasha

Facilitates cash payments on international shopping sites

Fouad Jeryes- Sinan Taifour

500 Startups- Aramex Ventures

Jordan

2015

19

Bridg

Smartphone payment platform

Moussa Beidas- Nadim Jarudi

$165K

500 Startups- other angel investors

U.A.E.

2015

20

Sarwa

Robo wealth advisor

Mark Chahwan- Jad Sayegh- Nadine Mezher

Shorooq Investments

U.A.E.

2016

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