Forbes Middle East has released its annual selection of the Middle East’s top fintech companies, highlighting the 50 biggest and fastest-growing public and private fintech firms in the region.

The 2024 Fintech 50 list showcases key players reshaping the fintech sector across the Middle East. These include digital payment providers, open banking platforms, investment and savings apps, and lending services.

Payment companies dominate this year’s list with 26 entries, while buy now, pay later (BNPL) platforms continue to gain traction, with prominent players Tabby and Tamara also featured in the list.

Among the represented countries, Egypt leads the pack with 13 companies, reflecting the country’s rise to prominence in the Middle East’s fintech landscape. Egypt is followed closely by the United Arab Emirates (UAE) and Saudi Arabia with 11 each.

Today, we look at the 13 Egyptian fintech companies that made it into the 2024 Fintech 50 list, exploring their portfolio of products and showcasing their growth and scale.

Fawry

Founded in 2008, Fawry is one of the largest e-payment platforms in Egypt serving the banked and unbanked population. Fawry’s primary services include enabling electronic bill payments, mobile top-ups and provisions for millions of Egyptian users. Other digital services also include e-ticketing, cable TV, and variety of other services.

Through its peer-to-peer (P2P) model, Fawry is enabling corporates and small and medium-sized enterprises (SMEs) to accept electronic payments through a number of platforms including websites, mobile phones, and points-of-sale (POSs). With a network of 36 member banks, its mobile platform and 331 thousand agents, Fawry processes more than 5 million transactions per day, serving an estimated customer base of 51.7 million users monthly.

Fawry achieved unprecedented financial milestones in the fiscal year ending December 31, 2023. The company’s bottom line soared to an impressive EGP 715.3 million (US$15 million), marking a phenomenal 198.0% year-over-year (YoY) surge. This remarkable performance was underpinned by a substantial 43.6% increase in revenues, which reached EGP 2.3 billion (US$48 million) during the same period. Fawry’s banking services division emerged as a key driver of revenue growth, registering a notable 65.8% YoY increase.

MNT-Halan

MNT-Halan is a premier fintech ecosystem in Egypt and one of the country’s largest lenders targeting the unbanked and underbanked segments.

Founded in 2018, with roots dating back to 2010, the company’s digital ecosystem includes a wide range of services encompassing micro, small and medium-sized enterprise (MSME) lending, payments, consumer finance, buy now, pay later (BNPL), and e-commerce, all backed by Neuron, its proprietary technology.

MNT-Halan claims it has served more than 5 million customers in Egypt and counts 1.3 million monthly active users. It has disbursed more than US$2.5 billion worth of loans since its inception and processes US$100 million worth of transactions on a monthly basis.

MNT-Halan secured US$400 million in equity and debt funding in February 2023 to support its international growth. The round brought the company’s valuation to more than US$1 billion, MNT-Halan said in a statement.

AMAN Holding

AMAN Holding, a business line of Raya Holding, stands out as a cornerstone of Egypt’s fintech landscape. Since its inception, the company has been at the forefront of driving digital transformation and financial inclusion in the country, leveraging untapped opportunities in non-banking fintech innovations to offer over 2,000 financial services at affordable rates.

AMAN Holding comprises three distinct entities: AMAN Financial Services, AMAN Microfinance, and AMAN E-Payments. AMAN Financial Services provides installment payment services, AMAN Microfinance offers funding solutions to businesses, and AMAN E-Payments specializes in cashless payment services.

In February, AMAN Holding unveiled its robust 2023 financial results, with annual revenues surpassing EGP 4.6 billion (US$96 million). The company’s credit facilities also soared to EGP 9 billion (US$188.6 million), complemented by the issuance of three bond securitizations totaling EGP 2.5 billion throughout the year.

One of AMAN Holding’s recent achievements is the AMAN SuperApp, a comprehensive digital platform integrating the company’s products and services. It includes electronic payments, installment services, e-commerce, credit limit application, and financing. The app has garnered over 1.8 million downloads, marking a 180% increase in operations and surpassing half a billion Egyptian pounds in transaction value, a 250% increase from the previous year.

Valu

Valu is a leading lifestyle-enabling fintech platform in Egypt, delivering convenient and comprehensive financial solutions to both individuals and businesses alike.

Under its portfolio of products, Valu offers BNPL solutions, providing customizable financing plans for up to 60 months across more than 5,000 POSs and over 600 websites. The company also offers investment products, an instant cash redemption program, and savings solutions through the AZ Valu fund, Sha2labaz, and Akeed, respectively. Moreover, Valu extends its offerings to businesses through Valu Business, delivering hassle-free human resources (HR) payroll services and more.

In March, Valu announced a partnership with Visa to launch the new prepaid Valu card. The company also introduced “Spark it”, a product that enables customers to make payments at zero cost within a one-month period.

Thndr Securities Brokerage

Thndr Securities Brokerage is a trailblazer in Egypt’s investment landscape. The company provides a digital investment platform that allows users to invest in Egyptian mutual funds and publicly listed companies in addition to the US stock market.

Thndr Securities Brokerage obtained a brokerage license in Egypt in August 2020, becoming the first platform to do so in the past decade. Since then, the digital platform has opened the doors to the world of investment for a whole new generation of investors. In 2023, Thndr Securities Brokerage accounted for over 21.5% of the trades on the Egyptian Exchange (EGX), and more than 90% of its investors were first-time investors. It claimed more than 800,000 users.

Most recently, Thndr Securities Brokerage acquired a research license, allowing it to expand its range of services beyond brokerage and provide expert investment recommendations through its newly established sister brand, Rumble. Rumble aims to complement the company’s services by offering actionable research and valuable insights previously accessible only to a select few. Rumble’s subscription-based service aims to democratize access to information, making expert investing recommendations available to all investors, enabling them to build wealth smartly and confidently.

Paymob

Paymob is a leading financial services enabler in the Middle East, North Africa and Pakistan (MENAP), delivering cutting-edge fintech solutions to customers in the region. Since its establishment in 2015, Paymob has emerged as one of the largest payments facilitator in the region, offering a diverse range of over 40 payment solutions to over 250,000 merchants through its omnichannel gateway.

Recently, Paymob announced a partnership with Mastercard to leverage Paymob’s payments infrastructure and Mastercard’s payments technology to scale the adoption of low-cost solutions among MSMEs in key markets. The agreement includes the acceleration and enablement of Tap on Phone, e-commerce gateway and payment links solutions, focusing on low-cost solutions and fast-tracking mass adoption of digital acceptance among smaller businesses.

Paymob’s expansion strategy these past years has seen notable milestones, including the launch of operations in Pakistan in 2021, followed by entry into the United Arab Emirates (UAE) market in 2022. In May 2023, Paymob obtained Saudi Payments PTSP certification, paving the way for its expansion into Saudi Arabia. Subsequently, in December 2023, the company was granted a payment service provider (PSP) license in Oman, further solidifying its regional presence.

Contact Financial Holding

Contact Financial Holding is a provider of finance solutions. As one of the largest players in Egypt’s evolving debt capital markets, Contact Financial Holding plays a pivotal role in structuring, arranging, and underwriting debt transactions for companies seeking to access capital markets for growth, risk management, financial optimization, and liquidity enhancement.

Contact Financial Holding offers a comprehensive suite of consumer- and corporate-focused products and services encompassing auto credit, insurance, consumer and corporate finance, in addition to producing white-labeled solutions for major Egyptian corporations.

The company works based on a collaborative business model, engaging with business partners at various levels to deliver market-leading products and services. It always strives to provide clients and business partners with the highest quality service and efficiency, making the financing process seamless and achieving the best possible results.

In addition to Contact Financial Holding’s 76 locations nationwide, the company’s growing network includes more than 10,000 POSs covering car dealers, consumer durables merchants, and sporting clubs.

Paysky

Paysky is a PSP offering a broad range of payment solutions to financial institutions, merchants, enterprises and consumers worldwide, with a vision of democratizing e-payments. Paysky aims to avail payment solutions to everyone, everywhere to pay and get paid, striving to serve one billion consumers and one million businesses within its ecosystem within the next decade.

With operations spanning 18 countries in the Middle East, Africa, and Asia, led by Egypt, Saudi Arabia, the UAE, Kuwait, Bahrain, Libya, Senegal, and Pakistan, Paysky serves over 250 financial institutions, 60 million customers, and 2 million businesses, with a total transaction value of US$605.8 million.

In 2024, Paysky plans to enter the consumer finance, digital savings, and digital investments sectors. The company is also pursuing its expansion plan in the Saudi Arabian market.

Masria Digital Payments (MDP)

Masria Digital Payments (MDP) is a pioneering force in the field of digital payment solutions, offering a complete end-to-end solution supporting banks, financial institutions and fintech companies.

At the core of MDP’s offerings is a comprehensive suite of services covering various aspects of the payment ecosystem. These include card services encompassing design, production, packing, fulfillment, and delivery, alongside processing solutions such as issuing, acquiring, value-added services, and management services. Additionally, the company provides digital solutions spanning digital banking, mobile applications, e-commerce, and a Fintech Enabler Program facilitating planning, implementation, application development, and ongoing services.

With a footprint spanning over 40 countries across three continents, MDP extends its services to a wide array of clients, including over 170 banks, 40 government institutions, 200 hotels, and more than 1200 retailers.

Money Fellows

Launched in 2017, Money Fellows is a digital platform that digitizes money circles or what’s commonly known as the rotating savings and credit association (ROSCA). ROSCA is a system where a group of people agree to contribute money for a specific period, thereby saving and borrowing together. ROSCAs are widely recognized across numerous emerging countries, and is a popular saving mechanism in regions where formal financial institutions are scarce.

Money Fellows disrupts the traditional ROSCA model by providing an online platform accessible via smartphone application. This digitization expands participation beyond local communities, and enhances  the accessibility, transparency, and inclusivity of money circles, transforming them into a modern financial solution suitable for a wider range of users. It also introduces a rigorous credit evaluation process for all participants.

Money Fellows claims more than 4.5 million registered users on its platform. The startup has raised US$50 million in funding and is currently working on a bridge round, Ahmed Wadi, founder and CEO of Money Fellows, told Forbes Middle East in April. It plans to fundraise between US$80 to US$90 million in a Series C funding round by the end of the year.

Lucky Financial

Founded in 2019, Lucky Financial is a fintech app in Egypt that connects users to a range of credit products, discounts and cashback rewards that can be used in person and virtually. The company’s mission is to revolutionize how MENA’s population shops, pays, and saves.

Since its inception, Lucky Financial has expanded its presence and influence rapidly. The company claims over 8 million active users and a merchant network of more than 30,000 stores. It operates in Egypt and Morocco, says it has seen a 250% year-on-year growth in gross merchandise volume (GMV).

Lucky Financial completed a US$25 million fundraise in March 2022, bringing its total funding raised so far to about US$48 million, according to Forbes. The company said it would use the proceeds to increase market leadership and build out its credit capabilities.

Telda

Launched in 2022, Telda is a groundbreaking money app in Egypt, empowering its users to take control of their finances with ease. With Telda, users can open a free account in minutes and get a card that works anywhere, online, in stores, or ATM cash withdrawals worldwide.

Catering specifically to Millennials and Gen Z, Telda revolutionizes peer-to-peer payments, offering a seamless and intuitive alternative to traditional banking systems. By prioritizing user experience and accessibility, Telda aims to alleviate the challenges associated with financial management, offering a solution tailored to the needs of modern consumers.

In October 2022, Telda achieved a significant milestone by securing US$20 million in a seed funding round led by Global Founders Capital, with participation from renowned investors such as Sequoia Capital and Jack Dorsey’s Block. The company is now poised for expansion into new markets and the enhancement of its product offerings.

Klickit

Founded in 2017, Klickit offers a comprehensive payments and fees management solution tailored to accommodate various integrations. The company operates on a plug-and-play model, acting as a digital payments transformation partner to public and private educational entities in Egypt and globally, including educational ministries, through its integrated systems that digitizes and facilitates end-to-end payment processes.

Klickit’s key features include a customizable dashboard designed to seamlessly track revenues across various streams, seamless integration capability and real-time insights.

Over 55,000 educational enterprises, including prestigious institutions, schools, and nurseries, have chosen Klickit as their partner to date. Klickit has processed EGP 1 billion (US$21 million) worth of payment transactions, in addition to the current partnership with Egypt’s Ministry of Education, the company plans to roll out the solution across several local and regional banks. In fact, it recently declared a cooperation with Banque Misr to offer payment hub solutions to the educational sector.