Top 25 Fintech Companies 2022
Fwith e-payments to open banking and crypto-asset exchanges, Fintech companies are booming across MENA, fueled by high demand from a young and increasingly digital-first population.
According to a report by KPMG, investments in Fintech companies in Europe, the Middle East and Africa (EMEA) reached $77.4 billion in 2021, spread over 1,859 deals, compared to $26.7 billion in 2020. VC investments in Fintech soared in the EMEA region over the past year to reach $30 billion – more than tripling from the previous peak of $9.9 billion in 2020.
Millions of people in the Middle East remain underserved in banking and payments, while areas such as open banking, crypto and equity trading are gaining ground across markets such as Bahrain, the UAE and Egypt.
Payments companies dominate our 2022 list of the region’s best Fintech companies. Jordan’s MadfooatCom is one of the top performers after processing over $13 billion in transactions in 2021. Egypt’s Fawry, Saudi PayTabs and Kuwait’s MyFatoorah are also helping to revolutionize the sector in their home countries. Buy-now-pay-later platforms continue to attract interest, with four companies making the list: Saudi Tamara, Egypt’s ValU, and UAE’s Tabby and Postpaid.
Despite the unfavorable market conditions this year, crypto trading platforms are also still on the rise, with Bahrain’s Rain becoming a prominent player. The company raised $110 million in Series B funding earlier this year.
The UAE dominates our 2022 Fintech list with eight entries, followed by Saudi Arabia and Egypt with five entries each.
Our list of “The Middle East’s 25 Best Fintech Companies 2022” is presented in alphabetical order. It is not a ranking.
We compiled the list by considering companies that apply technology to financial sectors, including payments, insurance, blockchain and cryptocurrency, digital banking, investment and wealth management, and lending and personal finance. We excluded Fintech businesses owned by stock exchanges, traditional banks, governments and telecommunications companies.
We collected data through primary sources, statements and questionnaires. We took into account:
• The amount of money made through the digital channels in 2021.
• Number of app downloads and active users.
• Number of countries in which the companies operate.
• Growth in the last year.
• Examples of innovation in digital payment.
• Impact on consumers and businesses.
• Financing from venture capitalists.
