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The Top 10 Fintechs in Middle East in 2024

Forbes Middle East has unveiled its Fintech 50 ranking, recognizing the region’s leading players that are revolutionizing the fintech landscape in the underserved region, spanning digital payment companies, open banking platforms, investment, saving, and lending apps.

The list was constructed based on external funding, money executed through digital channels, number of app downloads, active users, consumer impact, geographic presence, and success in innovation, growth, and expansion in the past year. Fintech operations owned by exchange houses, traditional banks, and governments were excluded.

Backed by ADQ, Alpha Dubai, e&, and First Abu Dhabi Bank, U.A.E.-based Wio Bank tops the 2024 list. Under the direction of CEO Jayesh Patel, the company launched its first digital banking application, “Wio Business,” in September 2022, followed by “Wio Personal,” which caters to retail clients. Egypt’s Fawry, which offers e-payments and digital finance solutions to over 51.7 million customers, ranked second.

Egypt stands as the most represented country with 13 entries, followed by the U.A.E. and Saudi Arabia with 11 companies each. Together, the three Arab nations make up 70% of the ranking. Categorically, payment companies dominate the list with 26 entries. Buy-Now, Pay-Later platforms have also climbed, with prominent players Tabby, Tamara, and MNT-Halan featured among the top 10. These three fintechs achieved unicorn status in 2023 after bagging considerable debt and equity funding.

Morocco’s HPS remains the oldest operational entry in this year’s ranking. Founded in 1995, the card and payment technology firm is listed on the Casablanca Stock Exchange and has a market cap of $434 million as of March 4, 2024. In 2023, it opened offices in Canada and India. In contrast, Wio Bank and U.A.E-based restaurant payment solution Qlub are the youngest listees, established in 2022.