THE MIDDLE EAST'S TOP 30 FINTECH COMPANIES 2023

MEET THE REGION'S MOST INNOVATIVE COMPANIES USING THE LATEST TECHNOLOGY TO DIGITIZE BANKING, FINANCE, AND INVESTMENT.

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While the companies on our 2023 list of the Middle East’s top Fintechs confirmed having zero or limited exposure to Silicon Valley Bank (SVB) and are expecting it to have a minimal impact on regional players, the global banking and finance system is still reeling from the bank’s collapse and the potential longer-term effects are still playing out. SVB was also a lender, banking partner, and payments technology provider. SVB’s clients accounted for 71% of all Fintech IPOs between 2020 and 2022.

Our list this year features 30 regional Fintechs. Egypt is the most represented country in the list with eight entries, followed by Saudi Arabia with six companies, and the U.A.E. and Kuwait with five each. Payment companies dominate, with Egypt’s e-payment platform Fawry ranking first, having processed transactions of $6.8 billion and serving 49.4 million customers in 2022. Jordan’s MadfooatCom ranks second, having served over 3.6 million active users and processed transactions of $14.7 billion in 2022.

Several companies have raised funding in the last year, including Egypt’s MNT-Halan, which secured over $200 million from Chimera Abu Dhabi in February 2023 to become the latest unicorn from the region. Tabby raised $58 million in a Series C funding round in January 2023, bringing its valuation to $660 million, while Saudi’s Tamara announced in March 2023 a debt facility of $150 million from Goldman Sachs, bringing its total funding in equity and debt to $366 million.

Methodology We compiled the list by considering companies that are applying technology to financial sectors, including payments, insurance, digital banking, investing and wealth management, saving, and lending and personal financing. We excluded Fintech operations owned by exchange houses, traditional banks, governments, and telecommunication companies.