Thndr, launched in 2020, is regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority (ADGM FSRA). The platform offers access to markets in the UAE, Egypt, and the United States, and provides investment in various asset classes, including stocks, gold, mutual funds, and savings products.

Thndr set up its base in the UAE capital through the Hub71 start-up platform. Hub71 is a technology and startup ecosystem based in Abu Dhabi, United Arab Emirates, designed to attract and support entrepreneurs, innovators, and investors from around the world.

According to the company, Thndr processed  over USD 13 billion in trading value and executed 12 million trades in 2024.

With a market capitalization of approximately AED 3.1 trillion (USD 844 billion), the ADX is the second largest exchange in the MENA region and ranks among the top 20 globally by market value . The exchange has reported outperforming the MSCI Emerging Markets Index over the past decade and certain global indices over the past 20 years.

Abdulla Salem Alnuaimi, Group CEO of ADX, said the inclusion of Thndr marks a significant step toward strengthening trading links across the region’s capital markets. He noted that by being the first exchange in the GCC to admit Thndr, ADX is reinforcing its commitment to financial inclusion and expanding investment opportunities within Abu Dhabi’s capital market. He added that the move sets a standard for digital innovation and cross-border cooperation in financial services, supporting Abu Dhabi’s shift toward a knowledge- and investment-driven economy.

“Retail investors deserve access to a grade-A investment service. This partnership gives our users the chance to invest in one of the region’s strongest-performing markets over the past 5, 10, and 15 years, while also opening doors to exposure within MENA through Tabadul as well as beyond MENA. As an Egyptian founder, this moment is personal, it’s about building on the historic ties between Egypt and the UAE and creating new bridges for our communities to grow, invest, and win together,” said Ahmad Hammouda, Co-founder and CEO of Thndr.

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Sympl, Synapse Analytics, and Valify are some of the newly-onboarded FinTechs to the Open Finance platform – FINX. By tapping into Open Finance capabilities, they will have access to a vast array of financial data, which enables FinTechs to offer personalized services, expand their customer base, and streamline operations. Additionally, Open Finance fosters collaboration with financial institutions, promotes innovation, and opens up new revenue streams. Open Finance essentially acts as a catalyst, empowering FinTechs to reshape the financial landscape, democratize access to financial services, and drive the digital transformation of the industry.

FINX is an Open Banking/Open Finance API platform that integrates with multiple banks’ APIs through a single API gateway, designed to support the growth of fintech companies by enabling account information and payment initiation. This platform empowers fintechs with advanced tools and resources to navigate the complexities of the financial industry while providing them with a secure and regulatory-compliant environment for their operations.

“We are excited to empower Egyptian fintechs to make the leap to the wider MENA market with our API platform and help to drastically simplify financial management for individuals and corporates around the region. These partnerships will enable companies to leverage the FINX platform to fuel their growth, expand their reach beyond their home market, and develop innovative services that are efficient and compliant with global open banking standards” said Mirna Sleiman, Founder & CEO, Fintech Galaxy.

Fintech Galaxy continues to champion the growth and acceleration of fintech companies, connecting the dots between fintech startups, e-commerce merchants and retailers, financial institutions, insurance companies, investment and wealth management firms, payment service providers, tech companies, regulators, and investors on a global scale. Its innovative Open Banking/Open Finance solutions are not just reshaping the future of the financial sector but also redefining boundaries for FinTechs worldwide.

Fintech Galaxy is set to foster more partnerships and growth in the global finance ecosystem. Our focus extends beyond fintech firms to include a diverse range of clients, such as merchants and other key stakeholders. We aim to provide them with a robust, secure Open Finance platform, opening up new opportunities and empowering them to enhance their financial services worldwide.

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The transaction was funded by EGP 335.322 million from EFG Holding’s distributable retained earnings. Shareholders received one valU share for every 3.3273 EFG Holding shares held, with fractional ownership being rounded in favor of minorities. Following its debut, Amazon acquired a 3.95% direct shareholding in valU for a price per share of EGP 6.041. Meanwhile, EFG Finance Holding, a unit of EFG Holding, will hold a 67% shareholding of valU post trading and sale of shares to Amazon.

Mohamed Farid, Executive Chairman of the Financial Regulatory Authority (FRA), stated: “The procedures followed for registering and trading the shares of Valu represent a modern and innovative legal means to benefit from the distribution of dividends of listed companies and their affiliated activities.” “Valu is the first consumer finance company listed and traded on the Egyptian Exchange. This step enhances the integration of non-banking financial activities under the authority’s supervision,” Farid added. He noted: “It opens the door to expanding the base of listed companies in this promising sector through stock exchanges. This, in turn, contributes to attracting new investors and adding new securities, thereby enhancing liquidity and trading levels.”

For his part, Karim Awad, Group CEO of EFG Holding, remarked, “Valu has built a loyal customer base and a resilient, scalable platform for sustainable growth. Its success is a testament to the strength of our ecosystem and our ability to incubate and scale market-leading businesses.”

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Visa has announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In this role, Muhmood will oversee operations across more than 86 markets in the region, where Visa serves over 1,800 clients through 23 local offices.

Muhmood brings over three decades of experience in banking and payments. He most recently led Value-Added Services for Visa’s Europe region from London and joined the company in 2019 as Group Country Manager for Southeast Asia, based in Singapore. His previous roles include senior leadership positions at Ahli United Bank, ANZ, and HSBC.

Muhmood will be based in Dubai and reports to Oliver Jenkyn, Group President, Global Markets at Visa. He takes over from Andrew Torre, who has been appointed President of Visa’s Value-Added Services division. That unit has grown into a US$9 billion global business, with an annualized revenue growth rate of 20% since 2021. Commenting on his appointment, Muhmood said: “It is a great honor to lead the CEMEA region, and to continue the progress made in transforming the future of payments, commerce, and money movement across such dynamic markets. Having spent over a third of my career in the region, I am excited by the opportunity to further expand digital payments to more consumers, merchants, and economies. I look forward to working with our team to support growth with clients and partners throughout the region.”

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The appointment aligns with the ongoing efforts to support companies operating in the fintech sector, accelerating digital transformation and promoting financial inclusion.

This move aims to attract new foreign investments in the fintech landscape, backing the fund’s objectives to become the largest FinTech-focused fund across the region, with a targeted capital of $150 million.

The fund played an effective role in drawing foreign investments to this sector, where every $1 invested by Nclude in startups operating in the Egyptian market has leveraged an additional $5 from foreign investors into those startups.

Rami Aboulnaga, Deputy Governor of the CBE, commented: “The participation of Egyptian banks in the “Nclude” fund reflects the banking sector’s strong commitment to investing in emerging FinTech trends and keeping pace with global trends in these promising sectors, especially by fostering a supportive environment for FinTech entrepreneurs to launch their solutions in Egypt, contributing to achieve targeted financial inclusion rates.”

The launch was backed by Egypt’s leading banks, including Banque Misr, the National Bank of Egypt (NBE), and Banque du Caire.

Institutional investors like the Egyptian Banks Company for Technological Advancement (EBC), e-Finance Investment Group, and Mastercard also participated in the ceremony.

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The company, which has raised nearly $140 million across its seed and Series A rounds, is now profitable, according to people familiar with its finances. The new capital, expected to include both equity and debt, will fuel PalmPay’s expansion: deepening its footprint in Nigeria, scaling its newer business-focused offering, and rolling out both products in new markets across Africa and Asia.Last month, PalmPay announced it had hit 15 million daily transactions, driven by its 35 million registered users. These transactions now add up to “tens of billions of dollars” annually in value, according to the company. Revenue has also surged. PalmPay’s revenue — $64 million in 2023, according to the Financial Times — has more than doubled since, people familiar with the company’s financials say.

Launched in 2019, PalmPay started out in Nigeria, Africa’s most populous country and a major fintech hub. At the time, over half of adults in the country were unbanked, and traditional banks catered mostly to salaried or formal-sector clients, often with requirements that excluded mass-market users. PalmPay saw an opportunity to flip that model on its head: build a digital bank from scratch, but optimize it for the realities of Africa’s informal economy. The company launched an app featuring instant onboarding, zero transfer fees, and a growing suite of services (including credit, savings, insurance, and bill payments), all tailored to the needs of underbanked consumers and small businesses.

Crucially, PalmPay didn’t rely solely on digital acquisition. The fintech built a vast on-the-ground network of over 1 million small businesses and agent merchants, who now serve more than 10 million customers monthly through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services). PalmPay claims to process more transactions than any traditional bank in Nigeria, and 25% of its users report that it was their first-ever financial account. For credit products, offered in partnership with licensed lenders, that number jumps to 60% among borrowers, it claims.

Part of PalmPay’s strong distribution and marketing advantage stems from its partnership with Transsion, the Chinese phone maker that dominates smartphone sales in Africa, with a market share of over 40% across its brands (Tecno and Infinix).

Through the partnership, PalmPay pre-installs its app on select financed smartphones, helping drive user acquisition and engagement.

Having established itself as one of the most widely used fintech apps in the country, PalmPay is now preparing to replicate its model in new markets abroad.

The neobanking platform has expanded to Tanzania and Bangladesh (its first foray outside Africa), where PalmPay is entering with device financing and consumer credit as wedges before layering in more services. The company also plans to introduce device financing in Nigeria, its spokesperson confirmed. While Transsion, which led PalmPay’s seed round, remains a strategic partner, the company’s spokesperson says the fintech is actively exploring collaborations with more original equipment manufacturers (OEMs).

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During the event, the company’s CEO addressed the ambitious strategic plan that GS Group is working on to establish its position as global leader in innovation technology and to continue to drive digital transformation. With a plan to expand its geographical footprint, Giza Systems announced the launch of its global service delivery center to cater to its clients from the different industries in various countries around the world. Through global delivery infrastructure and innovation, Giza Systems global service delivery center is designed to deliver faster, better, and more cost-effective services to boost operational efficiency, expand service capacity, and enable scalability and global resource management.

In addition, the company plans to focus on high-growth sectors such as FinTech, smart sports, smart cities, AI-powered video analytics, cloud services, cybersecurity, and Oracle solutions. The new strategy reflects GS Group’s evolving role as a global solutions architect: offering industry-leading innovation, rapid solution development, and seamless integration across OT and IT domains to cover the full end-to-end spectrum. With continued strongholds in Egypt, KSA, GCC, and East Africa, the company also plans to expand its footprint globally by 2027.

Elharany confirmed that Giza Systems Group achieved significant milestones throughout the last two years, backed by solutions by stc, which holds an 88.19% stake in the group.

Now with the newly announced Group’s vision and ambitious targets, GS Group reaffirms its commitment to customer-centricity, operational excellence, and employee experience.

“We are aligning our brand with our strategy to stand for purpose-built innovation, delivery at scale, and a culture that embraces continuous change,” said Elharany during the media roundtable.

He added, “We’re not just delivering technology, we are designing smarter, scalable, and more agile digital ecosystems. Our new strategy focuses on innovation, scale, and human-centric growth – all while staying true to our purpose. GS Group is evolving to meet the complex, rapidly shifting needs of our global customers by integrating deeper innovation, advanced delivery capabilities, and a future-focused mindset.”

GS Group has strategically invested over the past three years in key areas, including the acquisition of LABS, a prominent SAP partner in the region, marking its entry into the ERP sector, and establishing an internal Oracle implementation business unit. This is in addition to its prominent implementations in several smart cities, such as the Intelligent Transportation Systems (ITS) in the New Administrative Capital, and the Command and Control Center in Alamein.

Meanwhile, the company plans to expand in the GCC, particularly in Oman, Bahrain, and Abu Dhabi, through collaborations with local partners and direct sales initiatives, as well as through strengthening global tech partnerships to enhance customer experience and service offerings.

Additionally, Giza Systems maintains its full commitment to sustainability, as evidenced by its first Sustainability Report (ESG/GRI 2023) with a -AA- rating from IdealRatings. The Giza Systems Foundation (GSF), which serves as Giza Systems’ CSR arm and was founded in 2013, works on empowering underserved communities through technology-driven initiatives to support society’s members via a wide range of activities. Over the years, the Foundation has provided a variety of services and programs. Most recently, GSF launched an Impact Venture Accelerator program, called BridgeZ, to support startups by creating indirect impact, and helping entrepreneurs build financially sustainable and investible enterprises. Most recently in 2024, through the social impact project acceleration program, GSF worked with 15 startups in 8 governorates, to achieve 9 of the Sustainable Development Goals (SDGs).  GSF aims to become a system aggregator and central hub for impact investment in Egypt, connecting startups with investors, donors, universities, service providers, and the private sector.

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Through this collaboration, Zoho will invest up to USD 5 million worth of wallet credits to enable areeba’s business customers across UAE, Qatar, Iraq, Jordan, Egypt and Lebanon to access Zoho’s expansive suite of over 55 cloud-based applications. These tools offer businesses a unified, secure platform to streamline all their business functions such as invoicing, payments, customer engagement, and workforce management. By combining areeba’s payment expertise with Zoho’s robust digital ecosystem, the partnership empowers businesses with enterprise-grade technology that enhances efficiency, improves operations, and supports long-term growth.

“Through areeba’s reach, we’re bringing Zoho closer to the heart of business communities across the region. This collaboration breaks down barriers to technology and empowers more organizations to modernize with confidence. It’s a powerful step in our mission to grow sustainably by staying locally rooted and globally connected, ” said Velumani.

“We are excited to partner with Zoho to bring added value to our customers by combining robust financial technology with world-class business software,” said Mikati. “This partnership is a major step forward in our mission to empower businesses with innovative, localized solutions,” he added.

Set to go live in the coming months, the partnership will provide joint onboarding support, educational webinars, and tailored packages for all business types.

Zoho has experienced a notable surge in demand for its product suite in Middle East and Africa since 2020, making it one of the company’s fastest-growing regions globally. Its top-selling products, including Zoho CRM, Zoho Desk, Zoho People, Zoho Books, and Zoho Creator, are available in multiple languages, such as Arabic and English. Additionally,  these Zoho products support Right-to-Left (RTL) functionality and integrate with both global and local payment gateway solutions including Telr and Tap Payments.

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The round was led by AYADY for Investment and Development, with participation from prominent investors including Jedar Capital, Cubit Ventures, Ventures Notes, P-Maestro and a group of both local and international angel investors.

Founded in 2020, ElGameya aims to modernize and streamline the culturally rooted ROSCA (Rotating Savings and Credit Association) model, which is an integral part of the financial culture in Egypt and many other countries. Through its user-friendly mobile app, the company enables individuals to join diverse circles and choose their preferred amount, duration, and convenient payout turn, while ensuring security and transparency in all transactions.

It also offers flexible solutions for obtaining financing and targets meeting the financial needs of various segments of society by providing associations designed to suit the needs of diverse segments of the community, whether for short-term or long-term goals such as education, marriage, or launching a small business with affordable monthly installment plans.

Ahmed Abdeen, Founder & CEO of ElGameya, commented: “We are thrilled to close this successful funding round, which serves as a strong vote of confidence in our vision and business model. Having high-caliber investor like AYADY onboard empowers us to accelerate our expansion and deliver accessible, innovative financial tools to more people across Egypt and beyond. We believe fintech has the power to transform lives, and ElGameya is determined to be at the forefront of that transformation.”

“Over the past year, the company has achieved sustained 50% month-on-month growth, with roughly one million registered users. We have also formed strategic partnerships with more than 150 companies and schools, all of which benefit from our services,” added Abdeen.

Osama Saleh, Chairman of AYADY For Investment & Development, stated:“Our investment in ElGameya aligns with our commitment to supporting startups that leverage technology to meet real societal needs. We see ElGameya as a standout model capable of empowering large segments of the Egyptian population with reliable, flexible savings and credit solutions. This resonates with our broader mission to promote financial inclusion and sustainable economic growth.”

Amr Aboulazm, Founding Chairman of ElGameya, added: “We are proud to have earned the trust of such an esteemed group of investors. This funding round marks a pivotal step in our journey to establish ElGameya as a market leader in digital savings solutions in Egypt & the region. We believe digital ROSCAs have a vital role to play in enhancing financial literacy and expanding access to safe, adaptable savings and credit tools, especially for those who remain excluded from traditional financial systems.”

Hazem Kamel, Managing Director- Private Equity at NI Capital (the investment manager of AYADy), commented: “Our investment in ElGameya reflects our strategic focus on backing high-potential fintech startups that can deliver innovative solutions and real economic impact. The ElGameya team has demonstrated deep market insight and the ability to execute. We look forward to seeing them achieve even greater milestones in the future.”

This investment underscores a fintech opportunity on the rise at a time when the fintech sector across the Middle East and North Africa is witnessing unprecedented growth and increasing investor interest. ElGameya stands out as a strong example of an Egyptian startup leveraging this momentum to drive meaningful innovation and scale impact.

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The ranking was determined based on external investment, total transaction volume, app downloads, active users, consumer impact, geographic footprint, and achievements in innovation, growth, and expansion over the past year. Fintech entities affiliated with exchange houses, traditional banks, or government institutions were not considered.

After securing $160 million in a Series E funding round in February 2025, Saudi-based fintech giant Tabby propelled its valuation to $3.3 billion, making it the region’s most valuable fintech startup and earning it the top spot in the 2025 Fintech 50 ranking.

Egyptian e-payments pioneer Fawry lands in second place, backed by its 53.1 million-strong customer base. Saudi Arabia’s Insurtech and banking solutions firm Rasan follows in third, having gone public on the Saudi Exchange (Tadawul) in 2024, with a market cap of nearly $1.9 billion as of February 20, 2025.

The 2025 list highlights companies from 11 countries and introduces 12 new entrants, including digital asset platform CoinMENA, U.A.E.-based Ziina, and Egypt’s Sahl. The U.A.E. leads the ranking with 13 fintech firms, followed by Egypt (12) and Saudi Arabia (10), collectively representing 70% of the list.

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