Saudi banks increase lending by $77.1 billion in Q2

RIYADH: The entrepreneurial ecosystem has been on the rise in the Middle East and North Africa region for some time, with technology-based sectors starting to dominate the business landscape.

Financial technology, known as fintech, has been a promising sector for businesspeople and investors, with startups entering and exiting the industry like never before.

The numbers speak for themselves. Startup funding increased by 540% in the first quarter of 2022 compared to the same period last year, reported MAGNiTT, a Dubai-based startup research platform.

To get a sense of the fintech action, Arab News has compiled a list of the top 10 most funded fintech startups in the MENA region.


Founders Ahmad Al-Zaini, Mussab Al-Othmani

Funding $198 million

Sleeves: 5

Investors 17 investors including STV, Sanabil and Prosus

Headquarter Saudi Arabia

Foodics offers a point-of-sale management system for restaurants that allows business owners to track all of their operations, from the kitchen to employees and sales.

The company offers many facilities that support restaurant operations, including micro-loans and payments to restaurant establishments.

In its most recent funding round, Foodics secured $170 million in a Series C round, allowing it to grow its fintech arm and micro-lending operations.


Founders Hosam Arab, Daniil Barkalov

Funding $186 million

Sleeves seven

Investors 19 investors including STV, Global Founders Capital and Raed Ventures

Headquarter United Arab Emirates

One of the region’s leading buy-it-now and pay-later platforms, Tabby aims to provide financial freedom to shoppers by offering solutions without interest or debt charges.

Focusing on the retail sector, the company wants to improve the shopping experience of its loyal customers by providing a flexible checkout experience.

Tabby raised $54 million in its most recent Series B round and aims to use it to expand its product offering.


Founder Abdulmohsen Al-babtain, Abdulmajeed Al-sukhan, Turki Bin Zarah

Funding $116 million

Sleeves 4

Investors 9 investors including Impact46, and Nama Ventures

Headquarter Saudi Arabia

Another pioneer in the buy-it-now-pay-later market, Tamara is a Saudi fintech that offers its solutions to merchants and buyers alike.

The company aims to create a seamless experience for shoppers by offering interest-free fees for its services.

In 2021, Tamara raised $110 million in a Series A round, making it a record round last year.


Founder Islam Shawky, Alain El-Hajj, Mostafa Menessy

Funding $68.5 million

Sleeves 4

Investors 10 including PayPal Ventures, Nclude and A15

Headquarter Egypt

Paymob, one of the game changers in the Egyptian market, is a complete fintech solution for emerging markets and small and medium enterprises.

The company offers a complete digital payment solution for businesses to accept payments online and in-store.

Founded in 2015, Paymob raised $50 million in a Series B funding round in May 2022, which was used for product development and market expansion.

Ahmad Al-Zaini, co-founder and CEO of Foodics, a Riyadh-based startup that helps food outlets with their digital transformation. (Provided)


Founder Tariq Sheikh

Funding $63.5 million, according to Forbes

Sleeves undisclosed

Investors Touch Ventures and AfterPay

Headquarter United Arab Emirates

Founded in 2019, Postpay is a flexible payment company that offers shoppers to pay in three interest-free monthly installments at its partner stores.

The company works with leading global brands such as H&M, Footlocker, Dermalogica and national merchants such as The Entertainer and Squat Wolf.

Last June, the company secured $10 million in equity investment; the funds will be used to fuel its expansion plans in the MENA region.


Founder Muhannad Ebwini

Funding $50.5 million

Sleeves 4

Investors 8 including Mastercard and AB Ventures

Headquarter Saudi Arabia

HyperPay offers a payment gateway for online businesses to accept and manage
online payments with flexibility and security.

Founded in 2014, the company has an extensive network of partners with banks across the Middle East and North Africa to facilitate online payments in local currencies.

In its latest funding round, HyperPay secured $36.7 million in June 2022 to enable the company to expand its team and introduce new payment solutions.


Founder Omar Saleh, Ahmed Wagueeh, Fatma Shenawy

Funding $47 million

Sleeves seven

Investors 12 including Quona Capital, Khawazimi Ventures and Nclude

Headquarter Egypt

Another top Egyptian fintech startup, Khazna, is a financial super app that offers a wide range of solutions for the underserved.

The company aims to provide
the 20 million underserved Egyptians with banking and financial options through their smartphones.

Founded in 2019, the company raised $38 million in March 2022, enabling it to replace cash alternatives across Egypt.


Founder Daniel Robenek, Ola Doudin

Funding $30 million

Sleeves 6

Investors 15 including Wamda and Jump Capital

Headquarter United Arab Emirates

A new type of fintech added to the list, BitOasis is a cryptocurrency trading platform that offers a portfolio of digital assets.

Founded in 2015, the company allows users to buy, sell, trade and trade crypto assets in the United Arab Emirates.

Raising $30 million in its latest funding round, BitOasis has won approvals from the Abu Dhabi general market and has partnered with law enforcement entities to combat crypto fraud.


Founder Khalil Alami

Funding $28.9 million

Round 4

Investors 4 including Cashfree Payments and iMena Group

Headquarter United Arab Emirates

An award-winning payment gateway provider, Telr has offices in Singapore, United Arab Emirates, India and Saudi Arabia.

The company offers businesses a set of application programming interfaces and tools to accept and manage payments online.

Telr raised $15m in a 2021 funding round from India-based Cashfree Payments to better facilitate cross-border payments.


Founder Abdulaziz Al Jouf

Funding $25.3 million

Sleeves 2

Investors Saudi Arabia

Headquarter Saudi Arabia

Another award-winning startup, Paytabs, is a B2B online payment solution provider that aims to provide merchants with digital payment functionality on their websites.

The company offers application programming interfaces to facilitate transactions in multiple currencies and other markets.

Founded in 2014, Paytabs is a Saudi Aramco-backed company that currently operates in the United Arab Emirates, Saudi Arabia, and Egypt.

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