In the Middle East and North African (MENA) region, the fintech industry is rapidly growing with the number of fintech startups in the region more than doubling between 2013 and 2015.
According to experts and industry observers, the staggering 86% of unbanked people are creating a huge opportunity for fintech and insurtech companies to create innovative solutions to fill the void left by incumbents.
And a growing number of investors have recognized the prospects of fintech and insurtech in the region, pouring millions to help startups grow and expand.
The followings are ten of the Middle East’s most well-funded fintech companies based on disclosed funding: (Please note that finding this figures are not so easy, in case we missed one, kindly comment below or contact us via social media or email.)
OurCrowd (Israel) – US$112.5M
OurCrowd is a global equity crowdfunding platform for accredited investors. OurCrowd vets and selects opportunities, invests its own capital, and brings companies to its accredited membership of global investors. OurCrowd provides post-investment support to its portfolio companies, assigns industry experts as mentors, and takes board seats.
The OurCrowd community consists of almost 25,000 accredited investors from over 150 countries. It has invested in 160 portfolio companies and funds.
Colu (Israel) – US$55.1M
Colu is a developer of a mobile based digital wallet app designed to pay instantly from mobile phones. The company’s digital wallet app provides access to everyday purchases, accessories and experiences, enabling local businesses in the city to get more customers, create lasting connections and increase their revenue, from one simple app and users to exchange digital cash directly with one another. It also provides a toolbox for building customized blockchain-based applications.
Iyzico (Turkey) – US$24M
Founded in 2013, Iyzico provides a secure payment solution to online companies of different sizes operating in different industries. Its technology enables online businesses and enterprises to maximize conversion rates and accept payments in their local currency, and currently serves more than 17,000 online retailers.
Iyzico has raised US$24 million in total funding from big-name backers since its inception, including International Finance Corporation (the investment arm of the World Bank), Vostok Emerging Finance, Amadeus Capital Partners, Turkish-based VC 212, Pachicle Invest, Speedinvest and Beenos Partners. Iyzico recently expanded into twelve new countries in Eastern Europe.
PayTabs (Saudi Arabia) – US$20M
PayTabs aims to revolutionize online payments by providing simple and trusted payment processing solutions for merchants or individuals. The PayTabs product targets small and medium-sized enterprises (SMEs) primarily with a view to make online card acceptance more easily integrated with lower costs and most importantly minimal fraud. Services provided include secure payment gateway, fraud preventions systems with convenient payment options and ecommerce platforms tailor-made for social media compatibility.
PayTabs has a global presence and dedicated offices in Saudi Arabia, Bahrain, UAE, India and the Philippines. The company has raised US$20 million in funding so far.
Aqeed (UAE) – US$18M
Aqeed allows customers to buy and compare car insurance in a matter of minutes through the platform, and at the time of writing, a mobile app is also in the works to facilitate the process further. Customers can make use of a dashboard that allows them to access documents and policies in force, contact insurance companies, view how much they are paying, and get notified of their upcoming renewal dates. The team is also planning to add home and travel insurance products to the portfolio soon.
Souqalmal (UAE) – US$11.5M
Souqalmal is a comparison website in the Middle East that lets users compare financial and insurance products. The platform features over 3,200 retail banking, telecoms, insurance and education products offered by various providers in the UAE and Saudi Arabia, including more than 360 credit cards, 450 bank accounts, 147 personal loans, 100 car loans, 105 mortgages, 1143 mobile phone plans, 150 broadband plans, 280 schools and 234 nurseries and 100+ car deals, plus 115 SME financial products.
In October, Souqalmal raised US$10m in its Series B funding round to expand its regional presence. It previously raised US$300,000 in 2012 and US$1.2 million from the Antwerp-based venture capital firm Hummingbird Ventures in January 2014.
Beehive (UAE) – US$10.5M
Beehive is the first peer-to-peer (P2P) lending platform in Middle East and North African region to be regulated by the Dubai Financial Services Authority (DFSA).
Beehive directly connects businesses looking for finance with a crowd of investors. Beehive undertakes thorough due diligence on each business listed on the platform and facilitates the finance agreement between the business and investors, charging a percentage fee of the finance amount.
Beehive has raised a total of US$10.5 million since its launch.
Yallacompare (UAE) – US$10M
Yallacompare 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.
Yallacompare is currently live in 9 countries; UAE, Qatar, Bahrain, Kuwait, Saudi Arabia, Egypt, Lebanon, Oman and Jordan.
To date, the company has raised US$10 million in funding.
Bayzat (UAE) – US$7.5M
Bayzat currently offers two services: health insurance and human resources (HR) automation. Firstly, the platform enables users to find, compare and buy insurance policies in real-time, and once agreed on a policy, users receive free access to Bayzat’s unique software Bayzat Benefits which allows them to access all their medical benefits on their mobiles as well as select healthcare options within their policy while traveling.
The company also offers online tools to HR departments to automate processes associated with managing their employees’ health benefits, and assists with tasks such as enrollment and filing claims.
MadfooatCom (Jordan) – US$5.8M
MadfooatCom is a Jordanian bill payment and payment service company. It was established in 2011 and has since expanded its bill payment focus, creating a platform for customers to inquire and pay their bills in a single location via their banks’ online channels. The solution can be tied into other payment solutions as well.
MadfooatCom is a partner of the Central Bank of Jordan for which it created and has been administering the country’s national electronic bill presentment and payment service gateway, eFawateerCom.
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