Tuesday 24 September 2019

Foloosi is on the Top 20 Middle East Fintech



The past year has been eventful in the Middle East’s financial services sector. Last year, we saw the Saudi British Bank merge with Al Awwal Bank to create Saudi Arabia’s third largest lender. This came after Abu Dhabi Commercial Bank’s tie-up with Union National Bank and the subsequent takeover of Al Hilal bank as its Sharia-compliant arm in the U.A.E. The Islamic banking sector has also seen the merger of the region’s largest Islamic bank, Dubai Islamic Bank, with Noor Bank, a U.A.E.-based Sharia-compliant lender.

These mergers have reduced competition in an oversaturated banking market and in the long run will improve the profitability of the banking system. Dubai-based investment bank, Shuaa Capital, has also agreed to merge with its largest shareholder, Abu Dhabi Financial Group, to create a $12 billion asset under management firm.

And the region’s payment’s sector saw two large IPOs: one from Finablr, which owns the U.A.E Exchange brand, and one by payments solution giant, Network International. Both are listed on the London Stock Exchange.

This year we have collated two lists to mark this changing landscape: the Fintech 20 which is a collection of the most promising financial technology startups in the region.

Only fintech startups that were founded during or after 2012 were included, and we ranked them according to:

·         Funds raised from external investors
·         Scalability of the business

Name
Description
Founder
Funding
Country
PayTabs
Online Payment Processing Solutions
Abdulaziz Al Jouf
$26 M
Saudi Arabia
Bayzat
Online Health Insurance And HR Solutions Provider
Talal Bayaa And Brian Habibi
$25 M
UAE
Aqeed
Insurance Solutions Platform
Hadi Radwan
$18 M
UAE
Beehive
SME Focused Peer2peer Lending Platform
Craig Moore
$15.5 M
UAE
Souqalmal.Com
Financial Products Comparison Site
Ambareen Musa
$15 M
UAE
Eureeca
Crowdfunding Platform
Sam Quawasmi And Chris Thomas
$12.3 M
UAE
Liwwa
Peer-To-Peer Lending Platform
Ahmed Moor And Samer Atiani
$8.55 M
Jordan
Expensya
Cloud Based Multi-Platform Expense Management Software
Ahmed Moor And Samer Atiani
$5.7 M
Tunisia/ France
NymCard
Payment Solutions
Omar Onsi And Ayman Chalhoub
$4 M
Lebanon
POSRocket
IPad-Based Point-Of-Sale Solutions
Zeid Husban
$2.36 M
Jordan
Sarwa
Robo Wealth Advisor
Mark Chahwan- Jad Sayegh And Nadine Mezher
$1.5 M
UAE
Risk+ Solutions
Financial Intelligence And Risk Management Solutions
Jad G. Doumith And Chadi El Nawar
$1.45 M
Lebanon
Zbooni
Connected Chat Commerce App
Ramy Assaf- Mohamed Hamedi- Ashraf Atia
$1.4 M
UAE
Democrance
Insurance Marketplace For The Underserved
Michele Grosso Alberto Perez And Damian Dimmich
$1.3 M
UAE
Vapulus
E-Payment Gateway
Abdelrahman El Shaarawy- Islam Mousa- Khalid Gabr
$1.065 M
Egypt
Monami Tech
Financial Services
Ammar Afif
$1 M
UAE
Moneyfellows
Crowd Funding From Social Networks
Ahmed Wadi
$980 K
Egypt
PointCheckout
Payment Gateway For Loyalty Points
Bashar Saleh And Tarek Ghobar
$600 K
UAE
Payment Solutions Platform
Omar Bin Brek- Mohan Karuppiah
$500 K
UAE
Paymob
Digital Financial Enabler
Islam Shawky- Alain El-Hajj- Mostafa Menessy
Confidential
Egypt



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