Introducing a curated list of dynamic fintech startups, all established no earlier than 2019, currently navigating their emerging phase with significant growth potential in the years ahead.
This collection is carefully arranged from lowest to highest funded, showcasing startups with investments below $50 million.
Unlike conventional rankings that highlight the most heavily funded entities, this list spotlights promising fintechs poised for expansion and innovation. Notably, each of these startups distinguishes itself through a focused geographic emphasis, making significant strides in the Middle Eastern region.
From disrupting traditional financial services to pioneering novel solutions, these startups represent the vanguard of the fintech revolution in the Middle East. Keep an eye on these trailblazers as they continue to carve their path in reshaping the financial landscape, showcasing resilience, innovation, and potential for transformative impact.
Mafhoom technologies
Total funding: $1.36 million
Personal Finance Empowerment
Founders: Ahmad Khatib and Ziad Melhem
Investors: Al-Wafra Al-Thanya and angel investors
Headquarters: Dubai, U.A.E
Established in: 2022
Established in 2022, Dubai-based fintech innovator Mafhoom Technologies, under the leadership of founders Ahmad Khatib and Ziad Melhem, has garnered $1.36 million in total funding.
Positioned as a personal finance empowerment platform, Mafhoom enables users to optimise spending behaviour, reduce bills, eliminate debt, enhance financial literacy, and achieve savings and investment goals through its tech-powered solutions.
Backed by investors Al-Wafra Al-Thanya and angel investors, the recent funding injection is earmarked to expand Mafhoom’s team and fuel its ambitious growth plans, particularly in Saudi Arabia. Operating within the esteemed Dubai International Financial Center (DIFC), Mafhoom Technologies is on a mission to redefine how individuals interact with their finances, offering an intelligent app that empowers users to take command of their financial journeys.
Fundbot
Total funding: $1.5 million
Automated Corporate Lending and Payments Company
Founder: Karl Abou Zeid
Investors: Hambro Perks Oryx Fund, Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC.
Headquarters: Nice, France.
Established in: 2020
Launched in 2020 by entrepreneur Karl Abou Zeid, Fundbot is a pioneering UAE-based fintech startup that has secured a noteworthy $1.5 million in total funding.
Specialising in automated corporate lending and payments, Fundbot facilitates seamless financial transactions between banks, buyers, and sellers. The recent $1.5 million Seed round, spearheaded by Hambro Perks Oryx Fund and backed by Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC, positions Fundbot for strategic expansion in the MENA region.
Initially targeting the UAE and Saudi Arabia, Fundbot aims to extend its footprint into Oman, Bahrain, and Egypt. Focused on alleviating cash flow challenges for startups, Fundbot offers a fully automated, end-to-end embedded solution that enhances the efficiency of supply chain finance.
This funding infusion is set to propel Fundbot’s mission to empower banks, FinTechs, and B2B marketplaces with innovative financial services across the Middle East and beyond.
Takadao
Total funding: $1.6 million
Shariah-Compliant Blockchain-Based Company
Founders: Sharene Lee and Morrad Irsane
Investors: Tim Draper, BIM, Core Vision Ventures, Adaverse and Prince Sultan bin Fahad bin Salman Al Saud
Headquarters: Riyadh, Saudi Arabia
Established in: 2022
Established in 2022 by Sharene Lee and Morrad Irsane, Takadao stands out in the FinTech funding landscape with its Shariah-compliant blockchain-based services, offering users savings, loans, and cooperative life insurance. As a pioneer in creating the infrastructure for community-based financing and insurance, Takadao represents a significant stride towards inclusive, transparent financial solutions.
The Saudi Arabia-based fintech recently garnered attention by raising a substantial $1.6 million in a pre-Seed round in June 2023, led by prominent investor Tim Draper, along with BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman Al Saud.
Notably, Takadao secured additional undisclosed investment in January 2024 from Adaverse, a Cardano ecosystem accelerator and seed fund, focusing on Web3 solutions. This new funding will propel the launch of Takadao’s flagship product, Takasure, in June 2024, marking a noteworthy development in the FinTech funding landscape of the Middle East.
Karty
Total funding: $3.15 million
Corporate Spend Management Platform
Founders: Mohammed Suleiman and Abdulaziz Al-Marri
Investors: Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and Visa
Headquarters: Doha, Qatar
Established in: 2021
Launched in 2021, Co-founded by Mohammed Suleiman and Abdulaziz Al-Marri, Karty is a burgeoning Qatari fintech with a mission to revolutionise corporate spend management.
With total funding of $3.15 million amassed over two rounds, Karty initially garnered $1.2 million in a pre-seed round from notable investors like Visa, Qatar Development Bank (QDB), Qatar Foundation, and local angel investors in 2022.
The startup recently closed a Seed funding round, securing an additional $2 million from local investors. This substantial backing paves the way for Karty’s official launch, following approvals from the Qatar Central Bank and strategic partnerships with influential entities such as Qatar Foundation, Qatar Development Bank, Qatar FinTech Hub, Masraf Al Rayan, and global giant Visa.
Karty, headquartered in Doha, Qatar, is also championed by the Qatar Fintech Hub and the Qatar Financial Center, positioning itself as a formidable player in the Qatari fintech ecosystem.
Total funding: $4 million
Customer Loyalty App
Founder: Omar Ebeid
Nationality: Egyptian
Investors: Raed Ventures Cur8 Capital, and angel investors.
Headquarters: Cairo, Egypt
Established in: 2019
Founded in 2019 by Egyptian entrepreneur Omar Ebeid, Zeal, a pioneering fintech startup, has recently secured a significant $4 million in funding led by Raed Ventures and Cur8 Capital.
This financial boost coincides with Zeal’s successful entry into the UK market, underscoring the company’s ambitious growth trajectory. Zeal specialises in AI-powered customer engagement solutions, emerging as a trailblazer in redefining in-store interactions and fostering brand loyalty.
Notably, the company’s groundbreaking SmartPOS Plugin technology utilises existing credit card machines to identify, segment, and retarget customers, transforming the retail landscape. With achievements, including partnerships with industry giants like Ingenico and Network International, and winning the Visa Everywhere Initiative, Zeal will revolutionise global retail customer engagement through AI.
The $4 million funding will fortify Zeal’s expansion efforts, supporting the growth of its acquirer portfolio, global POS terminal integration, and the development of advanced data and analytics solutions tailored for the FMCG and Telecom sectors.
Zest Equity
Total funding: $5.7 million
Venture-Backed Technology Company
Founders: Rawan Baddour and Zuhair Shamma
Investors: Middle East Venture Partners (MEVP), Dubai Future District Fund (DFDF), and DASH Ventures
Headquarters: Dubai, U.A.E.
Established in: 2021
Established in 2021, Dubai-based fintech startup Zest Equity, co-founded by Rawan Baddour and Zuhair Shamma, has garnered significant attention and support, accumulating a total funding of $5.7 million across two rounds.
Focused on providing a platform for ecosystem players such as founders and venture capitalists to sell their secondary shares online, Zest Equity recently secured $3.8 million in Seed funding.
The funding round was led by Middle East Venture Partners (MEVP), with participation from the Dubai Future District Fund (DFDF) and DASH Ventures. This injection of capital is earmarked to fuel Zest Equity’s expansion plans, targeting emerging markets in North Africa, South Asia, and Turkey.
Zest Equity’s innovative approach to secondary share transactions positions it as a key player in the evolving fintech landscape, with a total funding of $5.7 million backing its growth trajectory.
Flow48
Total funding: $25 million
Upfront Financing to SMEs
Founder: Idriss Al Rifai
Investors: Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, TLG, and Sandell from NEA
Headquarters: London, United Kingdom
Established in: 2022
Established in 2022, a U.A.E.-based fintech firm, headquartered in London Flow48, founded by Idriss Al Rifai, has successfully secured $25 million in pre-Series A funding.
Specialising in providing upfront financing to SMEs in the UAE, Flow48 plays a pivotal role in facilitating the growth of small and medium-sized enterprises by transforming future revenues into upfront capital with flexible terms.
The substantial funding round, comprising a mix of equity and debt, was led by investors including Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, TLG, and Scott Sandell from NEA.
The newly acquired financing is earmarked to accelerate Flow48’s expansion plans, particularly into the South African market, solidifying its position as a key player in empowering SMEs through innovative financial solutions.
Ajras
Total funding: $28 million
Proptech
Founders: Muath Al-Jubailan, Abdullah Al-Qarni, Ahmed AlTamimi, Suleiman Al-Jarbou, and Suhail Al Tamimi
Investor: Madarek International
Headquarters: Riyadh, Saudi Arabia
Established in: 2022
Launched in 2022 by Muath Al-Jubailan, Abdullah Al-Qarni, Ahmed AlTamimi, Suleiman Al-Jarbou, and Suhail Al Tamimi, Ajras is a Saudi Arabian proptech startup dedicated to addressing cash flow management challenges encountered by retail businesses.
Ajras focuses on providing innovative solutions for commercial rents, allowing tenants to make annual payments in convenient instalments. The startup recently secured a substantial $28 million in seed funding, comprising both debt and equity, in a round led by Madarek International.
This significant funding injection is earmarked for the advancement of Ajras’s core service – streamlining payment processes for long-term commercial property leases.
Ajras stands poised to make waves in the proptech space, utilising this funding to bolster its position as a key player in revolutionising the financial landscape for retail businesses in Saudi Arabia.
