Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech. Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes…
Klarna AI has announced its partnership with global fintech company unlimit, in order to launch a financial solutions specifically designed for women across the EU. Following this announcement, the partnership is expected to focus on launching a financial solution specifically tailored for the needs of women across the region of the European Union. In addition, both…
EdfaPay, a Riyadh-based FinTech platform redefining digital payments for small and medium-sized enterprises (SMEs) across the MENA region, has announced the successful closure of its $5m pre-Series A funding round. The funding was led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment. EdfaPay provides a comprehensive suite of financial tools tailored…
Arc Intelligence, a capital markets and cash management platform has launched an AI platform to automate complex financial tasks for the private credit industry. Arc Intelligence is first launching the AI Private Credit Analyst to help investors generate detailed credit memos using unstructured financial data. Don Muir, chief executive and founder of Arc said: “Artificial…
Egypt’s Financial Regulatory Authority (FRA), emphasized its commitment to accelerating digital transformation in Egypt’s non-banking financial sector. Speaking at the Cairo ICT Exhibition and Conference, Mohamed Farid, Chairperson of FRA highlighted the authority’s efforts. The authority’s main goal is to create a supportive regulatory environment for fintech innovation. Farid announced the launch of the FRA’s…
Mastercard has entered into a partnership with Qover, the insurtech firm based in Brussels, initiating a new service in Belgium and Luxembourg that automates return shipping costs for credit cardholders. This feature is a timely innovation, responding to the surge in e-commerce activities within the region; notably, Belgian e-commerce penetration hit 90% early in 2024,…
Pemo, a fintech company based in Dubai, has raised US$7 million in its pre-series A funding round led by Shorooq and Augmentum Fintech. The funds are expected to enhance Pemo’s operations and support expansion into new GCC markets, including Saudi Arabia. The company plans to use the investment to improve its spend management platform, which…
Cedar-IBSi Capital announced it is looking to invest in 10-15 startups working in the banking and insurance technology segment to expand its footprint in India. “The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening 8 to 10…
Paymentology has signed a referral partnership with Zand Bank, the UAE’s first fully licenced, all-digital bank. This collaboration focuses on expanding financial services for fintechs and startups, aiming to accelerate innovation and growth in the UAE. Since 2022, Zand Bank has empowered UAE and global corporate, institutional and wealth clients to unlock new opportunities, foster…
Lean Technologies, a Riyadh-based FinTech infrastructure platform, has raised $67.5m in its latest Series B funding round. This financing was led by General Catalyst, a prominent Silicon Valley venture capital firm known for supporting high-growth tech companies. The funding round also saw participation from several major investors, including Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family…
