The fintech revolution in the Middle East and North Africa (MENA) has continued its meteoric rise, with 119 fintech startups securing $700 million in funding in 2024 alone. This surge represents nearly 30% of total startup funding in the region, underscoring growing investor confidence in a sector that has rapidly evolved from niche innovation to mainstream disruption.

From buy-now, pay-later (BNPL) services to digital banking and insurtech, fintech in MENA is no longer playing catch-up with global markets—it is setting new benchmarks. With $240 billion in transactions processed by the region’s top 50 fintech firms, the momentum is undeniable.

The Big Players Dominating MENA’s Fintech Landscape

While several startups are making waves, Ten companies stand out as game-changers in the region’s financial technology ecosystem.

1. Tabby: The BNPL Titan Revolutionizing Shopping

• Headquarters: Saudi Arabia
• Founded: 2019
• Founders: Hosam Arab, Daniil Barkalov

Tabby has become a dominant force in MENA’s buy-now, pay-later (BNPL) market, offering consumers the ability to split their purchases into four interest-free payments. With over 15 million shoppers and partnerships with 40,000 brands across Saudi Arabia, the UAE, and Kuwait, the company has seen exponential growth.

In 2024, Tabby hit $10 billion in annualized transactions and expanded its financial services by acquiring Saudi-based digital wallet Tweeq in September. The company’s latest Series E funding round in February 2025 secured $160 million, elevating its valuation to $3.3 billion, making it MENA’s most valuable fintech startup.

Backed by Wellington Management, STV, Mubadala Investment Capital, and Blue Pool Capital, Tabby is poised for further expansion, reinforcing its leadership in the region’s digital financial sector.

2. Fawry: Egypt’s Payment Pioneer

• Headquarters: Egypt
• Founded: 2008
• Founders: Ashraf Sabry, Raya Holdings Group

Fawry remains Egypt’s largest digital payments provider, serving 53.1 million customers through a vast retail network of 372,400 POS terminals. In 2024, it processed 240 million mobile wallet transactions worth $9.6 billion, reflecting a 155.7% YoY growth.

With a focus on diversification, Fawry launched Fawry Business in February 2025 to support SMEs, and Sehetak Fawry, a medical insurance service, in October 2024. As of February 2025, the company’s market cap stood at $559 million, securing its position as a key fintech player in the region.

3. Rasan: The Insurtech Innovator Disrupting Saudi Arabia

• Headquarters: Saudi Arabia
• Founded: 2016
• CEO & Cofounder: Moayad Alfallaj

Rasan is redefining insurtech and banking solutions in Saudi Arabia, enabling seamless insurance comparison and purchasing through its flagship platform, Tameeni. Now operating independently, Tameeni provides motor, health, travel, domestic helper, and medical malpractice insurance.

Beyond insurance, Rasan’s portfolio includes Awalmazad, a car auction platform, and Treza, a B2B leasing insurance solution. The company went public on the Saudi Exchange (Tadawul) in 2024, with a market cap of $1.9 billion as of February 2025. With operations spanning Saudi Arabia, Egypt, and the UAE, Rasan serves 13.6 million customers and partners with over 60 insurers, banks, and government entities.

4. Wio Bank: The UAE’s Digital Banking Trailblazer

• Headquarters: United Arab Emirates
• Founded: 2022
• CEO: Jayesh Patel

Wio Bank is spearheading the digital banking revolution in the UAE, offering a comprehensive banking-as-a-service (BaaS) model. Backed by ADQ, Alpha Dhabi, First Abu Dhabi Bank, and e&, the bank launched with an initial capital of $626.7 million.

With a focus on embedded finance, Wio Bank has already amassed 200,000 customers across Wio Business and Wio Personal. In May 2024, the bank reported its first full year of profitability, generating $72.6 million in revenue and a net profit of $545,000 in 2023. Positioned as a leading force in digital banking, Wio continues to expand its reach within the UAE’s fast-growing fintech ecosystem.

5. MyFatoorah: Kuwait’s Payment Solutions Leader

• Headquarters: Kuwait
• Founded: 2016
• Founder: Abdullah Aldabbous

MyFatoorah is revolutionizing online payments across the GCC, Jordan, and Egypt, offering electronic invoicing, payment gateways, QR code payments, POS terminals, and logistics services through a partnership with DHL.

Serving 90,000 businesses and with 550,000 app downloads, MyFatoorah is rapidly expanding its regional influence. In 2024, it partnered with Mastercard to empower 75,000 merchants in MENA, reinforcing its role as one of the region’s most impactful payment platforms.

6. MadfoatCom: Transforming Bill Payments in Jordan and Beyond

• Headquarters: Jordan
• Founded: 2011
• Founder: Nasser Saleh

MadfoatCom is revolutionizing bill payments in Jordan through its flagship platform, eFAWATEERcom, which enables electronic bill presentment and payment. In 2024 alone, the company processed over 66.1 million transactions valued at $18.6 billion, connecting over 600 billers and 1,700 services.

With deep integration into Jordan’s banking, utility, telecom, and government sectors, MadfoatCom has expanded its reach to Palestine and Oman, serving 4.5 million users. To support unbanked populations, it has built an extensive agent network of 5,000+ representatives.

As fintech investors eye Jordan’s growing digital economy, Egypt’s Basata increased its stake in MadfoatCom to 25% in February 2025, signaling strong regional confidence in its long-term potential.

7. MNT-Halan: The Egyptian Lending and BNPL Powerhouse

• Headquarters: Egypt
• Founded: 2018
• Founders: Mounir Nakhla, Ahmed Mohsen

MNT-Halan has become Egypt’s go-to fintech platform for business and consumer loans, BNPL services, e-wallets, and digital payments. With a rapidly expanding footprint, the company has disbursed over $11 billion in loans and serves more than eight million customers globally.

In 2024 alone, MNT-Halan processed $4.2 billion in transactions and grew its app downloads to 11.7 million, with two million active users. Expanding beyond Egypt, it entered Türkiye, Pakistan, and the UAE last year.

Fueling its expansion, MNT-Halan raised $157.5 million in July 2024, pushing its total funding to $550 million—a testament to investor confidence in its disruptive lending and BNPL model.

8. Thndr: Democratizing Investment in Egypt and Beyond

• Headquarters: Egypt
• Founded: 2020
• Founders: Ahmad Hammouda, Seif Amr

As Egypt’s leading commission-free investment platform, Thndr is making it easier for individuals to trade stocks, gold, and fixed-income funds, with U.S. stock market access added in 2024.

Last year, the platform processed $4.2 billion in trading volume, marking 132% YoY growth. It captured 82.5% of all new investor registrations on the Egyptian Exchange (EGX), onboarding 190,100 out of 230,500 new accounts.

Expanding its reach, Thndr entered the UAE in 2024 and has plans to launch in Saudi Arabia soon. To cater to growing demand, it introduced a Shariah-compliant investment fund and return analytics tools, helping users track and optimize their investments.

9. e& money: The UAE’s Financial Super-App on the Rise

• Headquarters: United Arab Emirates
• Founded: 2019
• CEO: Melike Kara Tanrikulu

Backed by e& life, e& money is redefining mobile finance in the UAE with a full-service financial super-app, offering remittances, merchant payments, card services, investments, and lending solutions.

By the end of 2024, e& money had 1.5 million subscribers, with one million digital and physical cards issued. It processed an unprecedented rise in international remittances, tripling transaction value compared to 2023.

Looking ahead, 2025 will be a transformative year, with the company set to launch a Wage Protection System, introduce digital gold management, and roll out micro-lending services, expanding financial accessibility across the UAE and beyond.

10. Valu: Egypt’s One-Stop-Shop for Financial Services

• Headquarters: Egypt
• Founded: 2017
• CEO: Walid Hassouna

Valu is at the forefront of Egypt’s fintech revolution, providing a comprehensive suite of services, including lending, spending, saving, and investing. With a user base exceeding 700,000 active users, Valu has firmly positioned itself as a financial super-app for modern consumers.

In 2024, the company launched the Valu co-branded credit card in partnership with Bank NXT and Visa, along with the Valu prepaid card, which has already surpassed 130,000 activations. These cards facilitated 1.2 million spending transactions in just one year.

Expanding its portfolio, Valu introduced Ulter, a premium financing product offering up to $400,000, and Shift, an auto loan service. With a growing merchant network of 7,000 retailers, 2,000 online stores, and 33,000 POS systems, Valu is rapidly becoming Egypt’s most comprehensive fintech ecosystem.

The Future of Fintech in MENA: What’s Next?

As fintech startups expand beyond payments and lending, expect to see significant growth in wealth management, blockchain-driven solutions, and AI-powered financial advisory services.

Moreover, cross-border expansion is on the horizon. With firms like Tabby and Fawry eyeing international markets, MENA fintech players are positioning themselves for a global footprint.

The next decade will likely witness more unicorns, IPOs, and billion-dollar exits, further solidifying MENA’s reputation as a fintech hub on the rise.