MENA Banking and Fintech Update - December 21st 2024
Benedict Xavier
Global Head - Payments Specialist, Blockchain Architect, Open Protocols, Build Open Platform, Digital Banking, Open Headless Commerce, Payment Gateway, Open Banking, Wallets - Expert in Digital Transformation & Payments
Banking & Industry News
Saudi Finance Firm United International Holding Shares Surge in Debut After $264 Million IPO
Riyadh, Dec 3, 2024 – IHC a financial services firm, saw its shares surge by 30% on their trading debut in Riyadh, following a $264 million IPO.?
The IPO was oversubscribed by 132 times, with demand reaching a staggering 131 billion riyals ($34.9 billion). The parent company, eXtra (United Electronics Co.) raised 990 million riyals by selling a 30% stake in the firm.
United International is one of the largest providers of Shariah-compliant consumer finance in Saudi Arabia, through its subsidiaries Tasheel Finance and Procco Financial Services W.L.L
Read the full article here
Saudi Awwal Bank Signs SAR 190.34 Million Deal with HSBC Global Services
Riyadh, Dec 2, 2024 – Saudi Awwal Bank has signed a contract worth SAR 190.34 million with 汇丰 Global Services (UK) Limited to replace its current global and receivable finance system with a new trade system. The agreement, signed on November 28, 2024, will be valid for two years and is expected to positively impact SAB's financial results from 2025 to 2028. As of September 30, 2024, SAB reported a 15.52% increase in net profits, reaching SAR 5.94 billion compared to SAR 5.14 billion in the same period in 2023.
Read more here
BSTDB and Türk Eximbank Partner to Boost Türkiye’s Export Sector
Istanbul, Dec 6, 2024 – The Black Sea Trade & Development Bank (BSTDB) has announced a new USD 45 million Trade Finance Facility with Turk Eximbank , Türkiye’s state export credit agency. This partnership aims to support the growth of Türkiye’s export sector by providing enhanced financial resources for exporting companies across the country.?
Dr. Serhat K?ksal President of BSTDB, emphasized the importance of exports for Türkiye’s economy and regional prosperity. Ali Guney , CEO of Türk Eximbank, expressed confidence that the partnership would continue to strengthen Türkiye’s position in international trade.
Read the full article here
Geidea and Mastercard Transform Digital Payments for SMEs in the UAE
Abu Dhabi, UAE – December 12, 2024 –
geidea , a leading licensed fintech company in the UAE, has entered a strategic partnership with 萬事達卡 to boost digital payment adoption among small and medium-sized enterprises (SMEs) across the UAE. This will enable SMEs to accept payments seamlessly via Mastercard Gateway, offering faster, secure, and more efficient transaction experiences.
Sailesh Malhotra , General Manager, GCC at Geidea, expressed excitement about the partnership,? and Gina Petersen-Skyrme , Country Manager, UAE & Oman at Mastercard, highlighted the importance of meeting evolving customer demands with digital wallets and contactless payment options.
Read the LinkedIn Post
Goldman Sachs Appoints Omar Alzaim as CEO of Saudi Operations
December 13, 2024 – 高盛 has appointed Omar AlZaim, CFA as the CEO of its operations in Saudi Arabia. Alzaim, who joined Goldman in 2021 as an executive director and became managing director in 2023, previously worked at 汇丰 Saudi Arabia. His new role follows Goldman Sachs' approval to establish its regional headquarters in Riyadh, joining other financial institutions like Citibank in the city.?
Read more here
Egypt Launches Apple Pay and Card Encoding to Drive Digital Payment Growth
December 12, 2024 – The Central Bank of Egypt (CBE) has launched a new payment card coding service for mobile apps, including 苹果 Pay, as part of its strategy to modernize Egypt's financial ecosystem. The initiative aims to foster a cashless society by enabling secure, contactless transactions through mobile devices, with biometric authentication for added security.
Read more here
UAE's AE Coin Stablecoin Receives Approval from Central Bank
December 11, 2024 – AE Coin, a new stablecoin pegged to the UAE dirham, has received regulatory approval from the Central Bank of The UAE . Fully backed by reserves held within the UAE, AE Coin aims to offer users stability and security with a 1:1 exchange rate to the UAE dirham.
Announced by Ramez Rafeek . the general manager of AE Coin ,the stablecoin is built on blockchain technology and complies with the UAE's evolving cryptocurrency regulations. AE Coin joins the growing list of regulated digital assets in the UAE, with the central bank's new framework allowing businesses to accept dirham-backed stablecoins for payments. Read the full article here
---------------
Fintech News & Regional News
EdfaPay Secures $5 Million Pre-Series A to Expand Across MENA and Pakistan
Riyadh, Nov 20, 2024 – EdfaPay a Saudi Arabia-based fintech platform, has raised $5 million in a Pre-Series A funding round led by Omantel Innovation Labs, with participation from Aljabr MENA and Waad Investment . The investment will help EdfaPay strengthen its presence in the Saudi market and fuel its expansion across the MENA regionand Pakistan.
Founded in 2022 by Ghormallah Al-Ghamdi , EdfaPay offers a tap-to-pay solution that enables SMEs to accept payments via smartphones instead of traditional POS devices.
Read the full article here
Souhoola Completes EGP 478 Million Securitization Bond Issuance to Expand Financing Base
Souhoola , a leading Egyptian consumer finance company, has successfully concluded a securitization bond issuance valued at EGP 478 million for Capital for Securitization. This strategic move, managed by CI Capital Holding (CICH.CA), is designed to expand Souhoola’s financing base and strengthen its position in Egypt’s consumer finance sector.
The company’s first securitization bond issuance aligns with Souhoola's strategy to meet customer needs and enhance financial inclusion as part of Egypt's Vision 2030. Ahmed Sabri El Shanawany , Managing Director of BM Consumer Finance (Souhoola), expressed that this achievement will drive Souhoola’s market share expansion and reinforce its role in Egypt's economic growth.?
For more information, read the full article here.
Morocco’s PTS Secures USD 500K Investment from BMCE Capital
PTS Premium Technology & Services, a Morocco-based fintech, has raised USD 500K in funding from BMCE Capital Investments, the private equity arm of the BMCE Capital Group, in exchange for an undisclosed stake. Founded in 2020 by Samir YOUNES , PTS specializes in digitizing traditional banking cards and integrating banking systems to meet the evolving needs of financial institutions. The company is a pioneer in Morocco’s digital payments landscape, having introduced solutions like 苹果 Pay and Google Pay .
The new investment will enable PTS to further advance its technology and scale its operations, solidifying its leadership in the digital payments sector.
For more information, read the full article here.
Konnect Secures Funding from Renew Capital to Expand Digital Payment Solutions
Tunis, Dec 6, 2024 – Konnect Networks , a Tunisia-based fintech startup, has secured an undisclosed funding round from Renew Capital to support its expansion. Founded in 2021 by Amin Ben Abderrahman , Konnect offers a seamless payment gateway, e-commerce plugins, and a robust API designed for businesses of all sizes.
The funds will enable Konnect to scale operations and enhance its digital payment solutions, which provide secure, efficient transactions for both individuals and businesses. With a strategic partnership with Visa , Konnect is driving digital payment adoption in North Africa. Renew Capital’s investment marks its first in Tunisia, reinforcing the company’s commitment to improving financial inclusion in the region.
See more here
Klickl International Secures $25 Million in Series A Funding, Valued at $125 Million
Abu Dhabi, December 10, 2024 – Klickl Group , a leading Web3 banking services provider headquartered in the UAE, has successfully closed a $25 million Series A funding round, bringing its valuation to $125 million. The round was co-led by Web3Port Port Foundation and Aptos Labs , with participation from Summer Ventures, Heritage Horizon Capital , V2 Capital , Alpha Square Group , Heng Feng Group, Trend Investment, and Bond Group.
See more here
Jada Fund of Funds Invests in SEEDRA Ventures' Second Fund
November 21, 2024 – Jada Fund of Funds has committed to investing in SEEDRA Ventures Fund II, an early-stage venture capital fund managed by SEEDRA Ventures. Bandr Alhomaly, CFA Managing Director and CEO of Jada Fund of Funds, emphasized that this partnership supports the Kingdom's economic transformation in line with Vision 2030. Haitham Alforaih Founding Partner & CEO of SEEDRA Ventures, expressed gratitude for Jada’s support, highlighting the impact of this collaboration in advancing Saudi Arabia's position as a regional hub for innovation and technology.
Read more here
---------------
Startup Roundup
Sylndr, an Egyptian Online Auto Retailer, Raises $7.45 Million in Funding
Sylndr , an innovative Egyptian e-commerce platform specializing in the used automobile market, has successfully secured a landmark funding of EGP370 million (around $7.45 million). This financing, which is Egypt's first asset-backed working capital facility, was structured by the EFG Hermes ONE Investment Banking division, with support from Egyptian Gulf Bank , NextBank, and EFG Financial Solutions.
Founded in November 2021 by Omar El Defrawy and Amr Mazen , Sylndr offers a transparent and reliable platform for buying and selling used cars.?
For more information, read the full article here.
Amenli, an Egyptian Insurtech Startup, Raises $2.3 Million to Drive Expansion
Amenli , an Egyptian insurtech startup, has raised $2.3 million in a funding round led by the European Bank for Reconstruction and Development (EBRD) Venture Capital arm, with a follow-on investment from Y Combinator . Founded in 2020 by Adham Nauman , Omar Ezz El Din and Shady El Tohfa , Amenli offers digital insurance solutions in business, home, auto, and medical coverage, while managing client claims. The new funds will be used to enhance its technology, expand distribution channels, and improve customer experience through digital solutions like eKYC and eSignature.
For more information, read the full article here.
Fascano Raises Undisclosed Funding Round Led by Oman Future Fund
Fascano , an Oman-based foodtech platform, has successfully closed its second funding round at an undisclosed amount, led by Oman Future Fund, with collaboration from the Oman Investment Authority and Cyfr Capital . Founded in 2021 by Ahmed Al Kharusi and Murak Al Muairki , Fascano offers a cloud-based solution for businesses in the hospitality, food, and beverage sectors. Its platform helps manage reservations, orders, digital product menus, and facilitates fast payments via QR codes, enhancing customer experiences and operational efficiency.
For more information, read the full article
Aanaab Secures $7 Million in Series A Funding from Dallah Investment Holding
Riyadh, Dec 2, 2024 – Aanaab , a leading digital professional development platform for teachers, has successfully closed its Series A funding round, raising $7 million from Dallah Investment Holding . Founded in 2019 by Dr. Munira Jamjoom, Naila Al-Khalawi, and Fouad AlFarhan , Aanaab has rapidly grown to support over 200,000 users across more than 10 Arab countries.
Read more here
Wafeq Secures $7.5 Million Series A to Expand SME Accounting Solutions in MENA
Abu Dhabi, Dec 10, 2024 – Wafeq ????? , a UAE-based fintech platform providing accounting solutions for SMEs, has raised $7.5 million in its Series A funding round, led by 9900 Capital and joined by Gary Turner (former CEO of Xero EMEA), RAED Ventures and Wamda Capital .?
Founded in 2019 by Nadim Alameddine , Wafeq offers a modern accounting platform that simplifies e-invoicing, taxation, and payroll for SMEs in the MENA region.?
Read more here
Arknet Secures $6.25 Million in Series A Funding Led by Morningstar Ventures
October 25, 2024 – Arknet, a decentralized internet platform based in Amman, has successfully closed a Series A funding round raising $6.25 million, led by Morningstar Ventures. Founded in 2020 by Karam Jaber, Arknet aims to build a decentralized internet that enhances human interaction, data sharing, and AI integration.
Arknet’s AI platform, "Ark," supports seamless blockchain transactions, AI model training, and API-based inference. Read more at https://www.rasmal.com/arknet-secures-6-25m-in-series-a-funding-led-by-morningstar-ventures/
---------------
Introducing The Cloud Tech Bulletin
Check out the latest edition of my other Newsletter the Cloud Tech Bulletin dedicated to the latest developments, trends, and insights in cloud adoption and technology across various industries.
---------------
Regional Industry Events
International Conference on Management and Information Technology 2024
December 26-27, 2024 | Sharjah, UAE
METAVSUMMIT
January 7-8, 2025 | Dubai, UAE
The UAE Global Family Wealth and Investment Forum 2025
January 21, 2025 | Abu Dhabi, UAE
2025 BAFT MENA Bank-to-Bank Forum
January 21-22, 2025 | Dubai, UAE
FiNext Conference 2025
February 11-12 | Dubai, UAE
DUBAI FINTECH SUMMIT
May 12-13, 2025 | Dubai, UAE
If you are seeing this newsletter and are not signed up, sign up now for monthly news on Regional Banking, Finance, Fintech and Payment Technology directly from the MENA Region.
Know an industry?professional?or?startup funder?interested in this newsletter? Feel free to forward it to them.
Newsletter curated by Benedict Xavier - For tips and to be featured kindly?send me a direct message?on LinkedIn.