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…
It is reported that JPMorgan Chase is currently in advanced negotiations to acquire the Apple Card credit card program from Goldman Sachs, a potential move that could reshape key dynamics in the banking sector, particularly for corporate treasury departments eyeing partnerships and operational efficiencies in an increasingly digital financial ecosystem. The talks, which have been…
Although Middle Eastern countries have been considered cash-forward economies, with the majority of residents using local fiat currencies to complete transactions and conduct trade, and although in some countries, cash is still considered to be the dominant form of payment, other advanced economic centers are changing their direction. As the advancement of digital payments and…
The Middle East and North Africa (MENA) region is becoming a global contender in the cryptocurrency world, securing the seventh-largest spot in the market by 2024. With $338.7 billion in on-chain value received between July 2023 and June 2024, MENA accounts for 7.5 per cent of the world’s total transaction volume. Although the market lags…
Egypt-based Paymob, the financial services enabler in the MENA region, has announced a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million. EBRD Venture Capital led the extension round, which also saw participation from Endeavor Catalyst and existing investors BII, A15, Helios Digital Ventures, and Nclude. The GCC…
Barq, a pioneering FinTech startup from Saudi Arabia, has joined forces with the global financial services giant, Mastercard. Barq is known for its innovative approach in the financial sector, offering a range of services designed to modernise and streamline payment processes for its clients. The partnership aims to empower Barq’s customers through Mastercard Gateway by…
The Middle East and North Africa (MENA) region is currently undergoing a significant transformation of its financial landscape, driven by rapid digitalisation and the development of innovative financial services. The region has its sights set on becoming a haven for the world’s most innovative fintech (financial technology) companies and has attracted capital and talent from…
