Swypex announced its launch following a $4 million seed investment round, led by the renowned venture capital fund Accel. This marks Accel’s first fintech investment in the region. The investment also included participation from Foundation Ventures, The Raba Partnership, and industry-leading angel investors. Licensed by the Central Bank of Egypt, Swypex consolidates payments, invoice management, and smart corporate cards on a unified platform. Their products simplify financial management, empowering businesses to automate financial workflows and make payments with ease. Swypex’s corporate card ..read more

Ramses, an American Fintech startup, revealed its strategy for the upcoming period. The Company aims to establish its business model in Egypt and Sudan in 2024, while also focusing on expansion and entering new markets across Africa and the Middle East in 2025. Additionally, Ramses announced that Chris Skinner has joined as a founding partner. This significant announcement was made during a press conference held at the Greek Campus (GC) in Cairo, coinciding with the launch of Chris Skinner’s latest book, “Intelligent Money.” Ramses has set its sights on expanding its business in the upcoming p ..read more

Forbes Middle East has released its annual selection of the Middle East’s top fintech companies, highlighting the 50 biggest and fastest-growing public and private fintech firms in the region. The 2024 Fintech 50 list showcases key players reshaping the fintech sector across the Middle East. These include digital payment providers, open banking platforms, investment and savings apps, and lending services. Payment companies dominate this year’s list with 26 entries, while buy now, pay later (BNPL) platforms continue to gain traction, with prominent players Tabby and Tamara also featured in the ..read more

FinaMaze announced its new technology hub, FinaMaze Technologies, based in the Dubai International Financial Centre (DIFC). This move represents a strategic pivot toward a business-to-business (B2B) and a business-to-business-to-consumer (B2B2C) model, focusing on delivering its advanced technology solution, on a white-label basis, to the banking and the asset management industry. Finamaze leads the way in the region for the global trend where B2C fintech companies with successful, proven intellectual property and solutions are shifting to a B2B business model and forming partnerships with est ..read more

The Ministry of Investment of Saudi Arabia (MISA) has signed a Memorandum of Understanding (MoU) with Ant International, to facilitate the business expansion into the Kingdom. Ant International’s President, Douglas Feagin, met with Mr. Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia during a signing ceremony held in Riyadh, to welcome the new partnership and sign an agreement outlining shared goals for technological innovation and economic growth opportunities in Saudi Arabia. Through this partnership, MISA welcomes and supports Ant International’s expansion plan to establish a ..read more

On of the largest European crypto platform and infrastructure provider Bitpanda has announced plans to expand to the Middle East, with the launch of Bitpanda MENA. Bitpanda will match the region’s ambitions and provide the infrastructure necessary to power future trading growth and unlock digital assets for millions of investors. Banks, fintechs, (neo-)brokers and crypto-native companies in the region will be able to partner with Bitpanda Technology Solutions (BTS) to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as 3 months once Bitpanda MENA has finalis ..read more

Checkout.com, a leading global digital payments provider, has announced a partnership with Mastercard to bring virtual cards to Online Travel Agents. As part of the Mastercard Wholesale Program, which reduces costs for travel businesses through virtual card technology and an innovative pricing model, customers of Checkout.com will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards. George Simon “Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and ..read more

The Central Bank of the United Arab Emirates (CBUAE) issued on April 23 two new fintech regulations, introducing the Open Finance Regulation and the Sandbox Conditions Regulation, a new post published by global law firm DLA Piper says. These regulations aim to foster innovation and competition in the financial sector by facilitating data sharing across various financial industries, and reflect the UAE’s commitment to digital transformation. Under the new Open Finance Regulation, licensed entities such as banks and insurance companies are mandated to grant access to customer data and enable tra ..read more

Klumi Ventures announced its achievement as the United Arab Emirates’ Web3 venture capital firm regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). T Kristiina Lumeste “Klumi Ventures is honoured to be at the forefront of shaping the UAE’s digital asset landscape as the first Web3 venture capital firm regulated by the FSRA. We are proud to lead this transformative journey, shaping the future of Web3 investment and entrepreneurship in the Middle East and beyond. With ADGM’s support and the dynamic ecosystem in Abu Dhabi, we are dedicated to unlo ..read more

BioCatch, a digital fraud detection solution provider, announced that Permira Growth Opportunities II, a fund managed by global private equity firm Permira, will acquire a majority stake in the company. Financial terms of the deal was not disclosed. This agreement also sees increased investments from existing shareholders Sapphire Ventures and Macquarie Capital, aiming to bolster BioCatch’s global presence and product development. The transaction, which involves Permira buying out major shares from Bain Capital Tech Opportunities and Maverick Ventures, values BioCatch at approximately US$1.3 b ..read more