Two Bahraini companies included in Forbes’ list of “The 25 Most Powerful Financial Technology Companies in the Middle East for 2022”

Forbes Middle East has ranked two Bahraini FinTech companies among the top 25 FinTech companies in the Middle East for the year 2022.

(Services Financial Eazy) for electronic payment solutions, founded by Nayef Tawfiq Al-Alawi in 2016. A company licensed by the Central Bank of Bahrain, as a provider of online payment services and point of sale systems. In 2020, it launched the EazyPay POZ (PoS) devices (also the EasyPay SoftPOS) application that allows local merchants and SMEs to complete contactless payment transactions. The company provides its services to 900 merchants, and has more than 5,692 points of sale in Bahrain. The company contributed to processing transactions worth $794 million in 2021.

Cryptocurrency exchange Rain, Founders: Abdullah Al-Muaqel, Yahya Badawi, Adam Nelson, Joseph Dallago Established in 2017 in Bahrain, Rain provides services for buying, selling and storing cryptocurrencies in the Middle East and North Africa, including Bahrain, UAE, Kuwait, Oman, Saudi Arabia and Qatar. In January 2022, the company raised $110 million in a funding round led by Kleiner Perkins and Paradigm. It was granted a crypto-asset license by the Central Bank of Bahrain in 2019. The company, which currently operates in the GCC and Turkey, plans to expand in Pakistan. .

Fintech companies are thriving in the Middle East, with new generations becoming increasingly interested in electronic payment services, cryptocurrency trading and open banking.

trabut, the open banking infrastructure solutions platform owned by Bahraini Abdullah Almoayyed and established in 2018 in the United Arab Emirates, links a network of banks and financial technology companies through an application programming interface (API) to facilitate the provision of personal banking services, and has raised $13 million in February 2021, before receiving another $12 million in November, and (Tarabut Gateway) has offices in Bahrain, the UAE and Saudi Arabia, and has also entered into a partnership with Zain Bahrain, to launch a payment service through open banking for Zain customers. The company recently announced partnerships with Riyad Bank, Banque Saudi Fransi, Alinma Bank and the Saudi British Bank. The platform claims that its services are linked to about 17.2 million bank accounts, and that it covers 90% of the banks in Bahrain.

According to a report issued by KPMG, financial technology companies in Europe, the Middle East and Africa succeeded in attracting investments worth $77.4 billion in 2021, through 1,859 deals, compared to $26.7 billion in 2020, while venture capital companies’ investments in technology doubled. The financial sector is expected to increase by 3 times, to reach $30 billion in 2021, compared to the highest level recorded at about $9.9 billion in 2020, and the sector is expected to continue growing during the coming period, as there are still millions of citizens who lack banking services and payments in the region.

New fields such as: open banking, cryptocurrency trading platforms and stocks are gaining increasing demand in several markets, including: Bahrain, the UAE and Egypt, while electronic payment companies dominate the list of “the 25 most powerful financial technology companies in the Middle East for 2022”, and your payments are considered Jordan is one of the most prominent companies on the list, through which it carried out transactions worth more than $13 billion in 2021. Companies such as Egyptian Fawry, Saudi PayTabs and Mai Fawtoor from Kuwait are also contributing to a revolution in the payments sector in their countries. As for the buy now and pay later platforms, they continued to attract millions of users and reaped huge investments, and with this, 4 companies joined our list: Tamara Saudi Arabia and Valeo from Egypt, and (tabby) and (Postpay) from the UAE, despite the unfavorable conditions that are going through The cryptocurrency market has existed since the beginning of this year, but the platforms specialized in buying and selling these currencies are still the focus of investors’ attention, led by the Bahraini (Rain), which succeeded in collecting $110 million in funding earlier this year. While UAE-based companies dominate the list, with 8 companies, followed by Saudi Arabia and Egypt with 5 companies each.

– Fintech companies in Europe, the Middle East and Africa succeeded in attracting investments worth $77.4 billion in 2021, through 1,859 deals, compared to $26.7 billion in 2020, while venture capital companies’ investments in financial technology have tripled. To reach $30 billion in 2021, compared to a record high of $9.9 billion in 2020.

– Platforms specialized in buying and selling these currencies have become the focus of investors’ attention, led by Bahraini (Rain), which succeeded in collecting $110 million in financing earlier this year.

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