Forbes Middle East releases their annual list of Top Fintech Companies

Forbes Middle East has revealed its ranking of the MENA region’s Top 30 Fintech Companies, highlighting the most innovative Middle East-based companies using the latest technology to digitize banking, finance, and investment.

The list was curated considering the amount of money executed through digital channels in 2022, the number of app downloads and active users, geographical presence, annual growth, innovation, impact, valuation, and funding from venture capitalists. Fintech operations owned by exchange houses, traditional banks, governments, and telecom firms were excluded.

While Egypt and Saudi Arabia dominated the list, the UAE is represented by 6 companies – Optasia, Tabby, Sarwa, Telr, Tarabut Gateway & YAP.

Payment firms dominate the ranking. Of the 30 companies, three are primarily buy-now-pay-later platforms: Tabby, Tamara, and valU. 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.

Egypt’s Fawry for Banking Technology and Electronic Payments tops the 2023 ranking. The third-oldest company on the list, Fawry’s revenue grew by 37.5% in 2022 to $75 million. As of March 21, 2023, its market value was $542 million. Morocco-headquartered HPS, founded in 1995, stands as the longest-serving Fintech firm. It is listed on the Casablanca Stock Exchange with a market cap of $435 million as of March 22, 2023. Conversely, U.A.E.-based YAP is the youngest listee, established in 2021. The financial super app raised $45 million in funding and onboarded about 200,000 customers and over 10,000 SMEs.

Ranked fourth, Egypt’s MNT-Halan became the region’s latest unicorn in February 2023, after securing over $200 million from Chimera Abu Dhabi.