2018 Map of Fintech Startups in MENA
In the MENA region, fintech startups have raised over $100M in funding in the past decade, and over $24M in 2017 alone, a 13% increase on the $18M in disclosed investments in 2016. Some of the major deals that took place last year included a $20M investment in PayTabs, a $3.5M investment in YallaCompare (originally Compareit4Me) and a $1.46M investment in Now Money. In addition to these deals, TPay, MENA’s first and largest Direct Carrier Billing platform, acquired its competitor and the second largest Direct Carrier Billing service provider in Egypt, DCBEgypt, for an undisclosed amount.
The number of fintech startups in MENA is growing, increasing by 39% annually since 2010, and by 50% since last year. Today, there are at least 75 active fintech startups in the region, and as part of our ongoing research on fintech technology and entrepreneurship and in preparation for the 2nd Edition of our Fintech and Banking Issue, we have produced an updated map of these startups and the categories they fall under.