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…
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…
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…
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…
When Saudi Arabia-based Tabby — one of the Middle East’s first fintech unicorns — announced it was acquiring startup Tweeq, it turned heads among venture capitalists eyeing investment opportunities in the kingdom. The deal, which will see Tabby buy the digital-wallet operator for an undisclosed sum, was viewed as fresh evidence that Saudi Arabia’s startup…
Financial technology funding across the Middle East and North Africa saw a 650% increase between 2020 and 2023, even amid a global economic downturn driven by the coronavirus pandemic, according to a report released Monday. The industry raised $186 million across 50 deals in the first half of 2024, representing an almost flat 3% year-on-year…
