The Middle East and North Africa (MENA) region are witnessing a surge in FinTech activity. Many believe this is fueled by the emergence of new startups and an expanding population of individuals new to banking.
August 2023 has proven to be a particularly fruitful month, with significant investments shaping the landscape.
Fintech #1. Buguard: Boosting Cybersecurity with $500,000 Seed Funding
Buguard, Egypt-based cybersecurity firm recently announced the successful completion of a seed funding round, securing an impressive $500,000. Leading the charge was A15, with participation from angel investors.
Buguard’s vision is to utilise this funding to expand its workforce, enhance product offerings, strengthen sales efforts, and forge strategic channel partnerships. Moreover, the company has introduced “Dark Atlas,” a new Software-as-a-Service (SaaS) product focusing on dark web monitoring and preventing account takeovers.
Fintech #2. MALY: Transforming Financial Wellness with Over $1.6 Million Pre-Seed Funding
Dubai-based financial wellness platform MALY has successfully closed its pre-seed funding round, raising over $1.6 million. The capital infusion will play a role in expanding MALY’s automated savings app and bank-linked card.
The funding was secured from a consortium of angel investors from the Gulf Cooperation Council (GCC). MALY’s ambitious goal is to revolutionise financial wellness in the UAE and beyond. To achieve this, they plan to leverage advanced AI technologies. Additionally, strategic partnerships with major brands like VISA, NymCard, and DAPI could potentially improve MALY’s position in the MENA financial wellness sector.
Fintech #3 Mthmr: Empowering Personal Finance Management with SAR 6 Million Seed Funding
Mthmr is a FinTech company which specialises in personal expense management. It has announced a successful seed funding round, securing SAR 6 million in investments. Investors, including Waed Ventures, Dahran Trading Group, Le Augure, along with a supportive group of angel investors, participated in this funding round.
Moreover, Mthmr aims to revolutionise personal finance management by offering user-friendly platform. This will allow individuals to monitor their expenses more accurately.
Fintech # 4 Rewaa: Elevating Retail Inventory Management with $27 Million Series A Funding
Rewaa, a full-stack inventory management platform tailored for the retail industry has raised $27 million (SAR 100 million) in a Series A funding round. It is led by Wa’ed Ventures, along with participation from prominent investors including RZM Investment, Silicon Valley’s Graphene Ventures, Khwarizmi Ventures, Sadu Capital, Derayah VC, Vision Ventures, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
In addition to this, industry experts believe that Rewaa has managed to establish itself as one of Saudi Arabia’s fastest-growing Software-as-a-Service (SaaS) companies in the MENA region. The company itself specialises in omnichannel inventory management software.
Potential Challenges for these Fintechs
These four funding rounds reflect the growth and potential of the MENA region’s FinTech ecosystem. However, the path ahead is not without obstacles. The success of these companies will be largely contingent on their ability to innovate and adapt in a dynamic and rapidly evolving market.
Furthermore, these companies need to navigate the challenge of encouraging widespread adoption of their platforms among individuals who may be resistant to change.