Fintech is rapidly becoming one of the fastest-growing technology sectors in the Middle East and Cyprus.

According to global consultancy Deloitte, seven fintech companies are among the top 50 fastest-growing tech firms in the region, reflecting the sector’s rising prominence and contribution to the tech ecosystem, and highlighting the strong demand for digital financial services.

These companies span verticals including insurtech, digital lending, and digital payments, and represent regional fintech hubs including Saudi Arabia, Egypt and the United Arab Emirates (UAE). They earned their rankings on the top 50 fastest-growing tech companies list based on revenue growth over the past four years, underscoring the rapid expansion and strong momentum of fintech activity in the Middle East and Cyprus.

Arib (Saudi Arabia) – Rank #9

Arib is a Saudi Arabia-based digital platform that connects users to financing offers from banks and finance companies for tailored products across personal loans, home, car, or business financing.

Arib is ranked 9th in revenue growth over the past four years. In 2022, the startup raised US$2.3 million  after securing a license from the Saudi Central Bank (SAMA).

Desaisiv (Saudi Arabia) – Rank #12

Desaisiv is a Saudi-Arabia-based insurtech startup providing a business-to-business (B2B) platform for corporates to manage health insurance policies more efficiently. It provides tools for tailoring policies, optimizing benefits and coverage, and predicting emerging diseases and high-risk behaviors.

Desaisiv is ranked 12th in the Middle East and Cyprus’ tech ecosystem in revenue growth. In early 2024, the company surpassed the SAR 1 billion (US$270 million) mark in health insurance assets under management after securing a US$2 million pre-seed investment.

Paysky (Egypt) – Rank #14

Paysky is an Egypt-based payment solutions provider (PSP), offering a range of payment solutions to financial institutions, merchants, enterprises and consumers across 18 countries. The company also operates the Yalla Super App, launched in 2021 in partnership with Visa and providing a wide range of services, including money transfers, electronic payments, shopping, insurance, investment, and “save now, pay later” options.

Paysky is ranked 14th in revenue growth. The company serves over 500 million customers and support more than 2 million businesses. The Yalla Super App, meanwhile, has over 2.7 million users across Egypt and the UAE.

eBOS (Cyprus) – Rank #32

eBOS is a Cyprus-based information technology company, offering regtech and fintech solutions that automate risk and compliance management for organizations worldwide. eBOS’ core offering, the WiseBOS Suite, is a fully integrated business aligned solution, designed to help manage risk, carry out customer due diligence, and support regulatory compliance.

eBOS is ranked 32nd in revenue growth. The company serves a diversified portfolio of clients include banks, governments, as well as businesses, and has a presence in Europe, the Middle East and Africa.

Codebase Technologies (UAE) – Rank #36

Codebase Technologies is an UAE-based open application programming interface (API) digital banking infrastructure provider. Codebase Technologies’ core offering, Digibanc, is a cloud-enabled, API-first, and highly adaptable digital banking platform allowing institutions to deliver innovative digital financial services.

Codebase is ranked 36th in revenue growth. The company has secured a string of industry partnerships in the Middle East, including deals with Capital Bank of Jordan, UAE-based Ajman Bank and Network International, as well as Pakistan’s Raqami Islamic Digital Bank.

LazyWait (Saudi Arabia) – Rank #45

LazyWait is a Saudi Arabia-based provider of point-of-sale (POS) systems and related technologies. The company offers a POS solution that includes features such as loyalty programs, quick response (QR) menu integration, short message service (SMS) payment options, and accounting system integrations.

LazyWait is ranked 45th in revenue growth. The company claims over 20,000 downloads and more than 55 million transactions across 32 countries.

NETinfo (Cyprus) – Rank #46

NETinfo, based in Cyprus, supports banks and financial institutions of all sizes across all geographies, empowering their digital transformation strategies. NETinfo’s digital banking solutions allow banks to deliver seamless, customer-centric experiences across a variety of channels, equipping financial institutions with the tools they need to engage customers more effectively, streamline operations, and remain agile in a rapidly evolving market.

NETinfo is ranked 46th in revenue growth. The company claims a total of 20 million users in 30 countries.

Tech leaders in the Middle East and Cyprus

These seven fintech companies were named among the top 50 fastest-growing tech companies in the Middle East and Cyprus, selected from over 200 applications and ranked by revenue growth. The winners span a wide and diverse range of verticals, including e-commerce, media, and cybersecurity, with software (31%) and fintech (22%) being the most represented verticals.

Saudi Arabia, the UAE, and Cyprus led in the number of applications, contributing 30%, 28% and 16% of applications, respectively.

Together, these 50 companies posted an average revenue growth of 8,823% over the past four year, more than quadruple the 1,906% average in the 2024 edition. The largest growth was experienced by Municorn, a software company development consumer applications from Cyprus, which achieved a remarkable 20,164% revenue growth rate. In total, 29 companies achieved a growth of 1,000% or over.

Deloitte also highlighted the ~50 “Rising Stars”, recognizing the young companies across the Middle East and Cyprus that are showing great potential but which have been trading for less than three years. In this category, fintech was again dominant, with 15 companies (32.6%) featured.

Notable names include Fuze, a digital assets infrastructure platform from the UAE; Beyon Money, a Bahrain money app; Pemo, a Dubai-based spend management platform; and Stake, a Dubai-based digital real estate investment platform.

Featured image: Edited by Fintech News Middle East, based on image by bolshooylenny via Freepik