UAE - Mubasher: The UAE-based Fintech Galaxy, an open innovation platform, has secured $2 million in seed funding to foster the development of its Open Finance platform and promote financial inclusion across the MENA markets.
The seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech, and INSEAD Saudi Angel Investors, according to a press release on Tuesday.
Fintech Galaxy is developing the Open Finance platform with an open API infrastructure to integrate between fintechs and institutions and provide access to customer data from partner banks through its Open Banking APIs.
The Founder and CEO of Fintech Galaxy, Mirna Sleiman, said: "Our main goal is to democratize financial services by building a stable and secure infrastructure and enabling smooth and standard integration between financial institutions and solutions providers."
Meanwhile, Sleiman added: "Our vision is to provide not only the technology infrastructure but rather enabling the whole ecosystem to access data and payment channels via a unified API gateway; and supporting financial institutions in their compliance with international and local Open Banking frameworks. This is a natural development of our Open Innovation platform and services."