Deloitte has announced its annual selection of the top technology companies headquartered in the Middle East and Cyprus, recognizing and celebrating the 50 fastest-growing tech firms in the region. Among these 50 companies, ten are fintech companies operating across verticals including payments, wealthtech and regtech.
The Deloitte Technology Fast 50 Program is a ranking that identifies high-growth companies with technological advancements that were founded before January 01, 2019 and with annual revenue of at least US$50,000 in 2019 and US$250,000 in 2022. It ranks the fastest-growing technology companies in the region based on percentage revenue growth over the last four years.
This year’s top-ranked companies have achieved remarkable growth, averaging at 541% across all sectors. Fintech companies, in particular, have grown even faster, at 641%, and they account for 24% of the total revenues of all 50 companies.
Today, we look at the ten companies that made it into this year’s Deloitte Technology Fast 50 Program, highlighting their value propositions and recent achievements.
Capital.com (Cyprus)
Capital.com, a fintech company headquartered in Cyprus, has made significant strides in the tech sector, earning it a prominent position in the Deloitte Technology Fast 50 Program for the Middle East and Cyprus. With a remarkable percentage revenue growth of 4,011% over the last four years, Capital.com stands out as the fastest-growing tech company in the region.
Launched in 2016, Capital.com empowers individuals to participate in financial markets through its user-friendly and innovative online trading platforms. Offering a seamless experience across web and app platforms, Capital.com enables investors to trade in 3,000+ global markets across multiple asset classes. Its platform is equipped with robust risk management controls and transparent pricing, ensuring clients can trade with confidence. Additionally, their all-in-one investment app provides educational content to support clients in their investment journey.
Capital.com’s global presence extends beyond Cyprus, with offices in the UK and Australia. The company claims a growing clientele of over 500,000 traders spanning 183 countries and more than US$530 billion in trading volumes since its inception.
Arib (Saudi Arabia)
Arib, headquartered in Saudi Arabia, has emerged as a notable player in the tech sector, recording an impressive revenue growth of 1,347% over the past four years and standing as the third fastest-growing tech company in Cyprus and the Middle Est.
Founded in 2019, Arib offers a comprehensive platform, called Syaaraat, which connects consumers with various auto financing options from different banks and financing providers. Syaaraat serves as an all-in-one platform for auto financing, offering a user-friendly interface that enhances sales, reduces costs, and expands the client base for financial institutions and automotive dealerships alike.
As a fintech and digital broker specializing in personal loans in Saudi Arabia, Arib simplifies the process of selecting the best financing options based on individual credit profiles, thus facilitating faster decision-making for consumers while also benefiting banks and car dealerships.
In 2022, Arib raised a US$2.3 million seed funding round. The startup said it would use the proceeds to meet the requirement set by Saudi Central Bank (SAMA) to finalize its licensing process. Additionally, Arib aims to diversify its portfolio by offering new services such as personal loans, home loans, and credit cards, further solidifying its position as a leading fintech innovator in the region.
Dinarak (Jordan)
Established in 2014 and licensed by the Central Bank of Jordan, Dinarak is a leading mobile payment service provider in Jordan, dedicated to promoting financial inclusion. As a part of the Central Bank’s innovative JoMoPay mobile payment system, Dinarak aims to offer the lowest-cost solution in the market, utilizing simple systems compatible even with basic mobile handsets and supported by an extensive network of physical agents nationwide.
As a mobile payment services provider, Dinarak facilitates various transactions within the mobile money ecosystem. The company’s offerings include salary and funds disbursement, peer-to-peer (P2P) money transfers, mobile-to-mobile and mobile-to-bank account transactions, bill and merchant payments, and national money transfers. It also provides mobile recharge, access to the national bill payment portal eFAWATEERcom, e-commerce payments, and various cash-in/cash-out services across Jordan.
Through its extensive agent network, Dinarak enables customers to open mobile money accounts for making payments and transfers. Merchants can accept payments via their Dinarak accounts and use them to pay staff and suppliers. Integration with the Central Bank’s JoMoPay system ensures that all payments are settled within a stringent regulatory framework, providing full assurance and security for users.
Mintroute DMCC (UAE)
Established in 2015, Mintroute DMCC is a pioneering company in the Gulf Cooperation Council (GCC), the Middle East and North Africa (MENA), Asia, and Africa regions, specializing in providing retailers, distributors, and mobile operators with branded value and end-to-end logistics and financial solutions.
Through a secure and dynamic platform, Mintroute DMCC enables the management and distribution of gift cards and e-vouchers via online platforms, point-of-sale (POS) terminals, self-service kiosks, and retail outlets. With a presence in 30 countries and a network of over 500 partners, the platform provides secure, agile, and up-to-date tailored in-store and e-commerce solutions. This support helps partners create, grow, and maintain strong relationships with their customers by offering a diverse product catalog from niche providers.
Mintroute DMCC is a leading e-voucher distributor in the MENA region, offering prepaid services for a variety of products and services through a vast network of over 250,000 retailers.
eBOS Technologies (Cyprus)
eBOS Technologies, headquartered in Cyprus, is an innovative client-focused software company providing regtech and fintech solutions designed to automate risk and compliance management for organizations on a worldwide basis. Established in 2014, eBOS has developed a diverse portfolio of web-based, customizable regulatory technology applications powered by artificial intelligence (AI) and machine learning.
eBOS Technologies’ core offering, the WiseBOS Suite, is a fully integrated business aligned solution, designed to help manage risk, carry out customer due diligence and adhere to the highest security standards. The suite is utilized by a broad range of clients, including banks, governments, small and medium-sized enterprises (SMEs), and large corporations, representing different industries.
In April 2024, eBOS Technologies announced its participation in the HYPER-AI project, funded through the Horizon Europe program under the HORIZON-RIA initiative. This project, which began on April 1, 2024, addresses challenges arising from the evolution of digital information technology and the expanding Internet-of-Things (IoT).
Solar Staff (Cyprus)
Headquartered in Cyprus, Solar Staff is dedicated to optimizing the relationship between businesses and freelancers worldwide. The company provides a comprehensive relationship management solution that assists over 2,500 businesses in managing their interactions with freelancers across approximately 190 countries. Its mission is to transform international freelance work into a barrier-free job market, simplifying the processes involved in hiring and managing freelancers while ensuring compliance with local regulations.
Solar Staff’s platform handles talent onboarding, task management, security checks, copyright transfers, and payments, making it a seamless bridge between companies and freelance talent. The company supports a vast network, including over 760,000 freelancers, and has facilitated more than EUR 600 million in invoiced transactions.
In May 2024, Solar Staff announced the launch of Mellow, a landmark human resources (HR) platform designed to support project-based work. Mellow enhances collaboration between companies and contractors, integrating freelancers into daily business operations. The platform addresses the challenges companies face when working with contractors and offers freelancers solutions to ensure timely payments and benefits, thus bridging the gap between full-time and project-based work.
Solar Staff operates from five offices globally and employs 114 people.
Hellas Direct (Cyprus)
Founded in 2011, Hellas Direct is a next-generation, full-stack insurance company, offering car, motorbike, and home insurance as well as mobility financing solutions.
Hellas Direct offers a fully automated digital insurance experience, from underwriting to claims management and online distribution. Utilizing advanced technology and artificial intelligence (AI), Hellas Direct focuses on customer-centric innovation, delivering personalized and affordable insurance solutions. The company’s cutting-edge algorithms streamline the insurance process, eliminating inefficiencies and providing superior products at competitive prices.
In February 2024, Hellas Direct announced a EUR 30 million investment led by ETF Partners, with participation from the company’s founders and new and existing investors. Hellas Direct said it would use the proceeds to bolster its growth, enhance its solvency capital, and support its expansion into new markets in central and southern Europe.
Hellas Direct’s rapid growth has earned the company a place on the Financial Times’ list of Europe’s 1,000 fastest-growing companies four times.
Hellas Direct ended 2023 with EUR 155 million in written premiums and over 900,000 customers in Greece, Cyprus and Romania.
Complytek (Cyprus)
Founded in 2007, Complytek is a leading provider of compliance and client lifecycle management software, specializing in leveraging machine learning (ML) and automation to enhance regulatory processes. As a pioneer in AI-driven technology, Complytek empowers organizations across the banking, investment, foreign exchange (FX), insurance, and fintech sectors to meet regulatory demands with high efficiency and precision.
Complytek’s product offerings include a wide range of solutions for anti-money laundering (AMK), know-your-customer (KYC), and financial crime risk management. The company’s technology provides deep insights, foresees risks, and strengthens defenses against money laundering, fraud, and other financial crimes. It claims to boast significant achievements, such as accelerating client onboarding by 78% and reducing AML operational costs by 89%.
In addition to its core offerings, Complytek actively engages in partnerships with regulatory bodies, industry experts, and data analysts to remain at the forefront of innovation in the compliance sector. The company’s commitment to open innovation and collaboration ensures it continuously develops and delivers cutting-edge solutions.
YouCloud Paytech (UAE)
YouCloud Paytech, based in Dubai, the United Arab Emirates (UAE), is a fintech solutions provider that specializes in payment, commerce, and analytics platforms tailored specifically for the retail and food and beverage industries.
YouCloud Paytech’s platform integrates various functionalities to challenge the traditional payment and POS application landscape. The company’s offerings began with payment software and an agent solution. Over time, it has expanded to include a comprehensive retail management system, an online marketplace, and a social media selling plugin. These tools are designed to enhance the efficiency and effectiveness of business operations, making it easier for companies to manage sales, inventory, and customer interactions.
Today, the platform provides an all-in-one solution that combines a user-friendly front end, secure payment services, a robust back end, an efficient inventory system, and features for promotions and loyalty programs.
YouCloud Paytech has ambitious plans to expand its services to new territories, including Egypt, Zimbabwe, Germany, the UK, Uganda, and Rwanda. The company aims to establish YouCloud Africa to support small business owners across the African continent. Its goal is to digitize 100,000 merchants and increase their revenue to US$20 million.
NETinfo (Cyprus)
NETinfo, headquartered in Cyprus, supports banks and financial institutions of all sizes across all geographies, empowering their digital transformation strategies by providing the best digital banking solutions. Since its foundation in 2000, NETinfo has been instrumental in providing advanced digital banking solutions, catering to institutions of all sizes across various geographies.
NETinfo’s flagship product, the NETinfo Digital Banking Platform, is a comprehensive omnichannel solution that integrates multiple banking channels into a single, seamless service. This platform enhances customer experience through built-in analytics and personalization tools, making it ideal for retail, corporate, and private banking customers.
In addition to the digital banking platform, NETinfo offers Mobile Financial Services (MFS), which are designed following international mobile payment practices. The NETinfo MFS enables users to perform various transactions and payments securely and conveniently using any smartphone.
Another key offering is the NETinfo Open Banking Suite, which allows banks and financial institutions to open their customer data and services to approved third parties securely and in compliance with PSD2 regulations. This suite supports the development of banking-as-a-platform (BaaP), enabling institutions to deliver banking-as-a-service (BaaS) solutions to both corporate and retail customers.
With a presence in more than 30 countries and a user base of over 20 million, NETinfo is recognized as a global leader in omnichannel banking solutions.
Featured image credit: edited from Unsplash
