According to a report by KPMG, funding in fintech in Europe, the Middle East, and Africa fell to its lowest annual level in seven years in 2023, recording $24.5 billion last year compared to $49.6 billion in 2022.
The Middle East’s Fintech 50 list features the top players that are revolutionizing the financial technology landscape in the underserved region, spanning digital payment companies, open banking platforms, investment, saving, and lending apps. Egypt is the most represented country with 13 companies, followed by the U.A.E. and Saudi Arabia with 11 each.
Backed by ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank, U.A.E.-based Wio Bank tops the 2024 list, having launched its first digital banking application, “Wio Business,” in September 2022, followed by “Wio Personal,” which caters to retail clients. Egypt’s Fawry, which provides e-payments and digital finance solutions to over 51.7 million customers, ranked second.
Payment companies dominate the list with 26 entries. Buy-Now, Pay-Later platforms also continue to gain traction, with prominent players Tabby, Tamara, and MNTHalan featured among the top 10. The three companies achieved unicorn status in 2023 after bagging debt and equity funding.
Methodology
We considered companies that are applying technology to financial sectors, including payments, insurance, digital banking, investing and wealth management, savings, crypto, and lending and personal financing. We excluded fintech operations owned by exchange houses, traditional banks, and governments.
We gathered data through primary sources, statements, and questionnaires. We took into account:
• The amount of money executed through digital channels in 2023.
この記事は Forbes Middle East - English の April 2024 版に掲載されています。
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この記事は Forbes Middle East - English の April 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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