• Payment gateway firms are the most represented with 26 entries.
• Egypt, the U.A.E., and Saudi Arabia comprise 70% of the list.
• Wio Bank tops the ranking – one of the two youngest fintechs featured.

Forbes Middle East has unveiled its Fintech 50 ranking, recognizing the region’s leading players that are revolutionizing the financial technology landscape in the underserved region, spanning digital payment companies, open banking platforms, investment, saving, and lending apps.

The list was constructed based on external funding, money executed through digital channels, number of app downloads, active users, consumer impact, geographic presence, and success in innovation, growth, and expansion in the past year. Fintech operations owned by exchange houses, traditional banks, and governments were excluded.

Backed by ADQ, Alpha Dubai, e&, and First Abu Dhabi Bank, U.A.E.-based Wio Bank tops the 2024 list. Under the direction of CEO Jayesh Patel, the company launched its first digital banking application, “Wio Business,” in September 2022, followed by “Wio Personal,” which caters to retail clients. Egypt’s Fawry, which offers e-payments and digital finance solutions to over 51.7 million customers, ranked second.

Egypt stands as the most represented country with 13 entries, followed by the U.A.E. and Saudi Arabia with 11 companies each. Together, the three Arab nations make up 70% of the ranking. Categorically, payment companies dominate the list with 26 entries. Buy-Now, Pay-Later platforms have also climbed, with prominent players Tabby, Tamara, and MNT-Halan featured among the top 10. These three fintechs achieved unicorn status in 2023 after bagging considerable debt and equity funding.

Morocco’s HPS remains the oldest operational entry in this year’s ranking. Founded in 1995, the card and payment technology firm is listed on the Casablanca Stock Exchange and has a market cap of $434 million as of March 4, 2024. In 2023, it opened offices in Canada and India. In contrast, Wio Bank and U.A.E-based restaurant payment solution Qlub are the youngest listees, established in 2022.

The Middle East’s Fintech 50 – Meet The Top 10

1 | Wio Bank

Digital banking platform

HQ: U.A.E.

2 | Fawry for Banking Technology and Electronic Payments

E-payment platform

HQ: Egypt

3 | Tabby

Shopping & financial services app

HQ: Saudi Arabia

4 | MadfoatCom for ePayments Company

Bill presentment & payment system

HQ: Jordan

5 | PayTabs Group

Payment solutions company

HQ: Saudi Arabia

6 | Iraq Wallet For Payment (ZainCash Iraq)

E-payment platform

HQ: Iraq

7 | Tamara

Buy-Now, Pay-Later platform

HQ: Saudi Arabia

8 | MNT-Halan

Lending, BNPL & payments platform

HQ: Egypt

9 | MyFatoorah

Payment solutions company

HQ: Kuwait

10 | Foodics

Cloud-based restaurant management & payment tech company

HQ: Saudi Arabia