March 22, 2019
The UAE is leading the Middle East in terms of FinTech startup concentration. The country is continuously focusing on strengthening its position as a FinTech destination through initiatives such as crypto forums, sandbox, blockchain, strategy, and others. The market is optimistic about the UAE’s emergence as FinTech hub for the larger geography.
Here is a list of 10 UAE-based FinTech startups you don’t want to miss:
Channel VAS was founded in 2012 and has raised $49.8 million in total funding. The company leverages big data and analytics to provide mobile financial and air-time credit services, enabling users to avail credit facilities through their network operators.
Cash Credit was founded in 2011 and has raised $25 million in total funding. The company is NBFC which offers instant microcredit up to BGN 2,000 through mobile subscribers against an identity card.
Aqeed was founded in 2016 and has raised $18 million in total funding. Aqeed is a digital insurance platform that enables users to compare, buy, and manage insurance products in the UAE. Currently, the platform is offering car insurance products for comparison.
CashU was founded in 2002 and has raised $15 million in total funding. CashU was acquired by Genero Capital on December 22, 2015. It is a prepaid online and mobile payment method available in the Middle East and North Africa, a region with very limited access to credit cards.
Bayzat was founded in 2011 and has raised $12.5 million in total funding. Bayzat is a cloud platform that allows individuals & business units to search and compare insurance plans of car & health industry. It provides insurance services including policy management, plan benefits & insurance payments by using mobile application for insurers.
Souqalmal.com was founded in 2012 and has raised $14.5 million in total funding. Souqalmal.com is an online comparison portal for financial and non-financial consumer products in the Middle East. The platform allows users to compare over 2,800 products in the UAE and Saudi Arabia, including credit cards, mortgages, personal loans, car loans, bank accounts, insurances, mobile phone plans, broadband, schools & nurseries, car deals, and SME banking products.
yallacompare was founded in 2011 and has raised $17.4 million in total funding. Formerly known as Compareit4me, yallacompare helps you compare offers for loans, cards, and accounts, from the top banks in the UAE.
Invoice Bazaar was founded in 2015 and has raised $6.1 million in total funding. InvoiceBazaar is an online invoice factoring platform wherein buyers can list their payable invoices online on the platform which on qualification will be visible to applicable suppliers. The platform helps to connect large buyers with small- and medium-sized suppliers that enable them to avail early payment on their receivables.
Beehive was founded in 2013 and has raised $15.5 million in total funding. Beehive is an UAE-based online marketplace for peer to peer lending. Beehive directly connects creditworthy SMEs looking for an investment with smart investors looking for better returns on their money. The company claims to eliminate the cost and complexity of conventional finance, where investors get better returns and businesses get faster access to lower cost finance.
ServiceMarket was founded in 2013 and has raised $8.3 million in total funding. ServiceMarket, previously known as MoveSouq.com, is an online marketplace that provides quotes and online booking for moving, home services, and insurance.