Riyadh based, Saudi Awwal Bank (SAB), has partnered with PayerMax for enhanced business payment solutions. The parties will work to “redefine the digital payments landscape” and “streamline the onboarding experience for local merchants” while facilitating “seamless global transactions”. Founded in 2020 and based in Singapore, PayerMax operates a suite of omnichannel payment solutions that support…
Mastercard is to acquire Swedish subscription management fintech, Minna Technologies, for an undisclosed sum. Minna creates technology that assists consumers in managing their subscriptions directly within banking applications and websites. The firm claims to be the only B2B2C platform with an automated subscription management engine, bank-grade compliance, and the “widest global subscriptions and payments coverage”…
Sav, co-founded by Mithil Ajmera, came to life through a personal journey of recognising many individuals’ financial struggles. Ajmera and his team noticed how managing money, while essential to everyday life, can be overwhelming, especially in regions like the GCC, where financial literacy is still developing. “We saw a gap across various sectors,” recalls Ajmera,…
M2P Fintech, an Indian Banking-as-a-Service (BaaS) provider, has raised US$100m in a Series D funding round led by Helios Investment Partners. The investment values M2P at over ₹6,550 crore (approximately US$785m) and will fuel the company’s expansion into Africa’s underdeveloped fintech market. The partnership of M2P and Helios also points to the growing ties between…
Swedish telecommunications firm, Ericsson and INFORM, a German provider of anti-money laundering (AML) and fraud management solutions (FMS), have announced a partnership to enhance financial services security. The collaboration aims to integrate INFORM’s RiskShield, an advanced AML and fraud management solution, with Ericsson’s Wallet Platform. This move strengthens Ericsson’s toolkit for combating sophisticated financial threats…
Leading Qatar-based FinTech startup, TESS payments, has made history by attracting a strategic Foreign Direct Investment (FDI) from Fingular, a global financial services group based in Singapore. This landmark investment, the first of its kind in Qatar’s FinTech ecosystem, positions TESS Payments as a trailblazer in driving digital financial innovation across the region. Fingular’s investment…
The gargantuan rise of the fintech industry continues to spearhead transformation within the electronic payments sector, with a profusion of mobile wallets and payment systems offering staggered, interest-free settlements hitting the market. The shift towards non-cash payments is accelerating regionwide. By 2027, most payments in Saudi Arabia are expected to be electronic, with real-time payments…
UmrahCash, a Riyadh-based fintech startup, has secured a $500,000 investment from Venture Fund, Adaverse. This development marks a significant step towards modernising the centuries-old Umrah tradition and addressing the financial challenges faced by pilgrims, particularly those from developing nations. Founded in Jeddah, UmrahCash aims to address these challenges by leveraging technology to bring positive change…
Egypt-based B2B payment platform, SETTLE, has successfully raised $2 million in a pre-seed funding round led by Shorooq Partners. Other notable investors that participated included El Sewedy Capital Holding, Acasia Ventures, and Plus VC. With this new funding, SETTLE plans to accelerate its transition into the global market and further develop its platform with a…
British FinTech key player, Revolution is reportedly looking to expand its business into Gulf Cooperation Council (GCC)-member countries. The has submitted applications to become an electronic-money institution and offer remittances in the United Arab Emirates (UAE) and is seeking ways to expand in Saudi Arabia, as reported by Bloomberg. The company also plans to hire a…
