Article by our Digital Learning and Youth Leadership Program Lead, Hamza Arsbi
The MENA region is a diverse social and economic mosaic that is ripe for entrepreneurship. With many of the local economies trying to diversify and expand to new markets, FinTech looks set to revolutionize every aspect of life and has been gaining momentum over the past decade. With a relatively young population that is tech savvy and high levels of internet access, Omar Faridi at Crowdfund Insider sees a strong growth potential for the sector. Here are some of the most notable FinTech start-ups and innovators in the region.
A company based in Saudi Arabia and has a funding of $20 million, it offers an all-encompassing platform to manage start-ups, web stores, e-com ventures or online enterprise businesses. Its innovative and customized payment solutions support businesses to operate seamlessly, securely and efficiently.
A website that offers a comparison between financial products across multiple sites and topics, from personal loans to travel insurance. This company is based out of the UAE and reports an investment of $15 million.
Based in Dubai, Beehive is the first peer to peer (P2P) lending platform in MENA to be regulated by the DFSA. With over $11 million in funding, the company bills itself as a leading Fintech pioneer, using innovative technology to directly connect businesses seeking fast, affordable finance with investors who can help fund their growth.
Another financial products comparison site based in the UAE, yallacompare.com is a leading finance comparison site in the Middle East, helping users to find and compare credit cards, personal loans, mortgages, car loans, insurance and bank accounts from a diverse range of local and international banks and financial institutions. It boasts an investment of $10 million.
Keeping the UAE at the top of the FinTech countries in the region, Eureeca is the first global equity crowdfunding platform. With $7 million in investment, it enables members of its investor network, who range from casual and angel investors to institutional firms, to buy shares in growth-oriented businesses, while providing operational businesses with crucial access to capital.
For those interested to engage in FinTech, the MENA FinTech Summit is an annual opportunity to meet the biggest players in the field.
Forbes has a comprehensive list of FinTech companies in the MENA region that you might find interesting.