Dubai - Mubasher: Forbes Middle East has revealed the Middle East’s Top 25 Fintech Companies for 2022, with payment gateway companies dominating the fintech list.
Jordan’s MadfooatCom is one of the top performers, with more than $13 billion in transactions processed in 2021. Egypt’s Fawry, Saudi Arabia’s PayTabs, and Kuwait’s MyFatoorah are also revolutionising the sector, according to a recent press release.
Four buy-now-pay-later make the list. These are Saudi’s Tamara, Egypt’s ValU, and the UAE’s tabby and Postpay.
Several companies attracted milestone funding. Lending platform MNT-Halan raised $120 million, digital payments platform Paymob raised $50 million, whilst crypto-asset exchange BitOasis secured $30 million.
The UAE, Saudi Arabia, and Egypt make up over 70% of the list, with the UAE dominating with eight entries, followed by Saudi Arabia and Egypt with five entries each.
The list was constructed based on the amount of money executed through the companies’ digital channels in 2021, the number of downloads and active users each has, their geographical presence, annual growth, innovation, impact, and funding from venture capitalists.
In Forbes’ recent Middle East’s ranking of the Middle East’s Top 30 Banks 2022, Gulf banks dominated the list, with 25 out of the 30 based in the GCC.
Saudi Arabia and the UAE were the most represented countries on the list, with 10 and seven banks, respectively. Qatar came next with four, Morocco with three, Kuwait with two, and Egypt, Bahrain, Jordan, and Oman with one each.