3 Bahraini companies included in Forbes’ list of the 25 most powerful financial technology companies

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, the EasyPay POZ POS terminal also launched the EasyPay SoftPOS application, which enables local merchants and SMEs to complete contactless payment transactions. The company provides its services to 900 dealers, and has more than 5692 sales points in Bahrain. While the company contributed to the processing of transactions worth $794 million in 2021.

The “Rain” cryptocurrency trading platform, Founders: Abdullah Al-Muaqel, Yahya Badawi, Adam Nelson, Joseph Dallago, founded 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. Currently operating in the GCC and Turkey, the company plans to expand to Pakistan.

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

tarabut, the open banking infrastructure solutions platform owned by Bahraini Abdullah Almoayyed and founded in the UAE in 2018, connects 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 partnered with Zain Bahrain to open a payment service through banking services 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 connected to around 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 managed to attract investments worth $77.4 billion in 2021, through 1,859 deals, compared to $26.7 billion in 2020, while venture capital firms’ investments in technology have 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 its growth during the coming period, as there millions more. of citizens who do not have banking services and payments in the region.

New areas, such as open banking, cryptocurrency trading platforms and stocks, are gaining increasing popularity in several markets, including Bahrain, the UAE and Egypt, while electronic payment companies dominated the list of “The 25 most powerful financial technology companies in the middle” East for 2022.” The most prominent companies on the list, through which they executed transactions worth more than 13 billion dollars in 2021, and companies such as Fawry of Egypt, “PayTabs” Saudi Arabia, and Mai Fawtorah of Kuwait, are also contributing to revolutionizing the payments sector in their countries. As for the buy now and pay later platforms, they continued to attract millions of users and reap huge investments, and with this, 4 companies joined the list: Tamara Saudi Arabia and Valeo from Egypt, and “tabby” and “Postpay” of 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 Bahrain’s Rain, which managed to raise $110 million in funding earlier this year. While companies based in the UAE dominate the list, with 8 companies, followed by Saudi Arabia and Egypt with 5 companies each.

– Financial technology companies in Europe, the Middle East and Africa managed to attract 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 tripled, to reach $30 billion in 2021, compared to a record high of $9.9 billion in 2020.

The platforms specialized in buying and selling these currencies have become the focus of investors’ attention, led by Bahraini “Rain”, which managed to raise $110 million in funding earlier this year.

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