Emirates NBD and Mashreq Bank have made a strategic investment in NewBridge Fintech Solutions, the owner of UAE-based fintech platform LoanBook. LoanBook offers a centralised marketplace digitising the syndicated loan and private credit markets. The investment will be used to scale up the platform and make it easier for market participants to access global loan…
Commercial Bank International (CBI), leading UAE bank, has announced a strategic partnership with areeba, a global payment infrastructure provider, to become the first UAE bank to offer areeba’s comprehensive card and payment solutions to fintechs across the country. The partnership aims to empower UAE fintechs with scalable, secure card management capabilities and accelerate the growth…
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…
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…
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…
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…
The financial industry is undergoing a seismic transformation, with artificial intelligence and fintech reshaping everything from regulatory compliance and customer experience to counter-fraud measures. Across the globe, banks are adopting generative AI and machine learning to drive innovation, reduce costs, and enhance security. Saudi Arabia is emerging as a key player, with local tech companies…
Zain KSA has announced its financial results for the first nine months of 2024, achieving revenue of SAR 7.7 billion, a 4.5% year-on-year growth. Net profit over the period amounted to SAR 322 million, a 33% increase compared to the corresponding 2023 period, excluding the tower sales earnings. This financial performance reflects Zain KSA’s strategic…
The FDI boom is a product of Saudi Arabia’s ‘Vision 2030’ plan, first announced in 2016. Driven by a desire to diversify away from hydrocarbons, Saudi Arabia is looking to transform its economy by nurturing new industries, attracting investment and positioning itself as an early adopter of advanced technologies. One area that Saudi Arabia is…
