Abu Dhabi-headquartered Fuze, a digital assets infrastructure provider, has unveiled a substantial Seed round of $14mn, which they claim is the largest Seed investment in a digital assets startup in the the Middle East and North Africa region (MENA). A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps. The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst…

The Saudi Central Bank (SAMA) licensed “Al-tizam for electronic insurance brokerage” and “Altheqa Insurance Brokers” to provide insurance aggregation services (soft launch). With Al-tizam and Altheqa, there will be five authorized insurance aggregation companies operating in Saudi Arabia. This decision reflects SAMA’s endeavor to support the insurance sector, increase its financial efficiency, and promote innovative insurance services for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website. Featured image credit: Edited from Unsplash

Archie – an innovative new fintech acceleration partner – launches with a mission to scale the next generation of fintech disruptors that will define and lead the category. With the belief that fintech founders need much more than financial backing to turn their ambitions into reality, Archie will identify and partner with a select portfolio of early-stage fintechs globally, working alongside founders to help supercharge their growth. By investing intellectual capital and growth expertise into Series A & B firms at the most critical stage of their go-to-market strategy, Archie will improve the odds of high-potential fintechs breaking through and…

Emirates NBD has made an investment in Erguvan, a climate and financial technology venture aimed at providing financial institutions and corporations with digital infrastructure, enabling them to manage the impacts and risks of climate change. The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Türkiye under the umbrella of Emirates NBD Innovation Fund, the Corporate Venture Capital arm of Emirates NBD Group. The Group-wide fund was created to enable investments in strategically relevant FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets, including Türkiye. Erguvan was established in 2022 with the objective…

The Qatar Central Bank (QCB) has granted a license to 7sab, allowing the startup to provide digital payment services in the country. The move brought the number of fintech companies permitted to provide digital payment services in Qatar to ten. 7sab provides a payment gateway that integrates into merchants’ websites and which allows them to generate invoices, manage their payments, and make instant transfers by using their mobile, tablet, desktop or any electronic gadget that can turn into a personalized point-of-sale (POS). The startup, which was founded in 2017 and is headquartered in Doha, strives to deliver payment solutions that…

Saudi Venture Capital (SVC) has made a $5 million investment in a fintech fund managed by VentureSouq (VSQ), primarily targeting early-stage fintech startups. This investment initiative was reported by SVC. According to the press release, the subscription agreement was signed by the CEO and Board Member at SVC, Dr. Nabeel Koshak, and the General Partner at VSQ, Maan Eshgi. The signing ceremony was also graced by the presence of the Chief Investment Officer, Nora Alsarhan, and the Chief Legal Officer at SVC, Haifa Bahaian, as well as the Fintech General Partner at VSQ, Musaab Hakami. Dr. Koshak commented, “The investment…

Flat6Labs, a seed and early-stage venture capital firm for MENA, announced the selection of 24 startups for its StartMashreq Growth Track program. The startups – founded in Jordan, Lebanon & Iraq – operate in diverse sectors such as fintech, healthtech, e-commerce, and agritech, also including 5 startups cofounded by female entrepreneurs, operating in Edtech, Energy Tech, and Proptech. The startups collectively generate a total annual recurring revenue of USD 20.8 million and have raised a total of USD 38.5 million along with creating around 700 direct job opportunities across the three countries. By joining the StartMashreq Growth Track program, they…

TOKO FZE born out of global law firm DLA Piper, announces a strategic partnership with Virtuzone to form an equity crowdfunding platform in Dubai. TOKO is one of the first companies in Dubai to be granted full market Virtual Asset Service Provider licence from Dubai’s Virtual Asset Regulatory Authority (VARA). TOKO is a sophisticated token engine creating data rich tokens representing fractional interests in real world assets. The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds.…

myZoi, an UAE based fintech focused on financial inclusion and financial literacy for the underbanked, has raised USD 14 million from SC Ventures and SBI Holdings, as it obtains two regulatory licenses from the Central Bank of the UAE. These achievements mark a significant milestone in myZoi’s mission to enable, digitise and simplify access to essential financial services for over 5 million1 low-income migrant workers in the United Arab Emirates (UAE) and beyond. “At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion. myZoi will strive towards reducing the transaction cost…

Saudi Arabia’s fintech sector is growing at a fast pace, doubling in size in the span of just a couple of months. As of the end of 2022, the country was home to 89 fintech companies, a number that soared to over 200 companies by August 2023, Ayman Al-Sayari, governor of the Saudi Central Bank (SAMA), told Arab News last week. The number surpasses the central bank’s initial expectation of reaching 150 fintech companies operating in the country by the end of 2023, making Saudi Arabia well on track to achieve its goal of hosting 525 fintech companies by 2030.…

Emirates NBD has invested in Komgo, a leading software development and technology services company transforming the trade finance industry. The strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund. Created earlier this year, the fund has the objective of strengthening synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies. Emirates NBD’s corporate venture capital arm will enable the Group to make investments in tech startups and companies that further support its digital strategy. The Innovation Fund’s mandate is to invest in…

Stake, Dubai based digital real estate investment platform, has obtained the approval from the Capital Markets Authority (CMA) in Saudi Arabia to enter its Fintech Lab and plans to launch KSA real estate investment opportunities on its app by the end of the year. The company will soon make it easy and accessible for both Saudi investors and anyone anywhere in the world to participate in real estate investment funds targeting attractive developments and income-generating assets across Saudi Arabia. The move was announced during the Seamless event in Riyadh on Monday 4th September, where Stake also signed a partnership with…

Network International (Network), an enabler of digital commerce across the Middle East and Africa (MEA) region, has announced a partnership with J.P. Morgan Payments to strengthen the bank’s acquiring offering. J.P. Morgan Payments operates in over 160 countries and over 120 currencies and is one of the leading merchant acquirers globally by volume of transactions. Access to Network International’s innovative acceptance solutions and decades of expertise in card processing and value-added services in the region will enable J.P. Morgan Payments to expand and complement its existing payments proposition in the region to its customers. As a leading payments company Network…

In the Middle East and North Africa, Generation Z (Gen Z) members are showing preference for digital payments methods over cash, identifying cards and mobile wallets as their favored and most used payment methods, a new study conducted by Sixth Factor Consulting and sponsored by Amazon Payment Services shows. The research, which polled over 1,800 respondents born between 1997 and 2012 across the United Arab Emirates (UAE), Saudi Arabia (KSA) and Egypt, revealed that more than half of Gen Z respondents surveyed said that they preferred paying digitally, praising cards for their convenience, ease-of-use and visibility, and e-wallets for the…

Anglo-Turkish fintech venture Colendi is launching Turkey’s first digital deposit bank after approval from the Banking Regulation and Supervision Agency (BRSA). “We are thrilled to obtain authorisation for the establishment of a digital deposit bank, ushering in a new era of accessible banking for our platforms and users,” said Bülent Tekmen, Co-Founder and CEO of Colendi. “Colendi’s business model is to work with first class organisations and enable them to reach their retail and SME customers to offer financial products within a regulated environment.” Colendi has grown to be one of Turkey’s leading fintech. It has major partnerships with Migros,…

In partnership with Mastercard and Checkout.com, Careem Pay has integrated Mastercard Send to enable customers in the UAE to access near real-time payments into their Careem Pay wallets, making it quicker and more convenient to use the Careem app to transfer money and access daily services. Unlike a conventional bank transfer which takes at least several hours or even days to complete, Mastercard Send enables people and organizations to send and receive money around the world in near real time, offering speed, convenience, and security. Mastercard Send is available in 108 countries around the world and is being rolled out…

Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a $200 million (SAR750 million) fund for early-stage investment in local and global high-tech companies, as part of King Abdullah University of Science and Technology (KAUST) strategy. The strategy, which aligns with the 2030 vision to diversify the kingdom’s economic resources, aims to transform research into economically productive innovations in sectors like health, sustainable environment and essential needs, energy and industrial leadership, and economies of the future. His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of KAUST Board of Trustees, launched the…

Emirates Development Bank (EDB) has inked a Memorandum of Understanding to create supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners (TCP). This partnership was facilitated by Hub71, Abu Dhabi’s global tech ecosystem, as part of its efforts to support startups with commercial opportunities through its network of leading corporate and government partners in the UAE. In alignment with government priorities, EDB continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy, with a mandate to approve AED30 billion in financing support to 13,500 companies within its five priority sectors…

The new virtual asset platform M2 has been officially granted a Financial Services Permission (FSP) license in the Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA) and is now approved to operate a multilateral trading facility and offer custody services to UAE residents. M2 is approved to offer institutional and retail clients in the UAE the ability to buy, sell and custodies virtual assets. The platform has been developed over the past year with a long-term vision to establish the highest levels of trust, security, and integrity in the emerging virtual asset class. Stefan Kimmel, M2…

Antler announces the expansion of its presence to MENAP with Dr. Jonathan Doerr and Romain Assunção as Partners. The firm aims to strengthen the region’s entrepreneurial ecosystem by backing exceptional founders at the earliest stage with co-founder matching, personalized coaching, access to a local and global network of founders and advisors, MENAP ecosystem expertise, day zero investment, and support with follow-on funding. As a day zero investor, Antler’s philosophy is to invest in people. For the Riyadh cohort launching in September 2023, Antler is selecting 60+ pre-idea or pre-seed founders from thousands of applications to develop, validate, and start scaling…