👋 Welcome to the new readers who’ve joined us since last week. You’re joining 176,000+ other subscribers who love fintech.
Salam, fintech friends!
I don’t know about all of you, but I’m still not over that Egypt-Argentina match. We may never know what really happened out there, but what this World Cup has made undeniably questionable is FIFA’s integrity, on and off the pitch. I’ll leave it there.
Back to fintech, where there’s plenty to cover.
The UAE's licensing desks had a busy fortnight. Remitly and Taptap Send both received Central Bank licenses, and Revolut, fresh off completing its retail licensing in June, already picked up in-principle approval from VARA for virtual assets.
On the funding side, ADI Chain, the UAE-based institutional layer-2 blockchain network, raised $50 million in a strategic round. Keyper closed an $11 million Series A led by SpeedInvest, and Morocco's ORA Technologies extended its Series A to $10 million.
Meanwhile, tabby is cashing in on its new license. tabby cash, a fee-free debit account alternative with a cashback card and free local transfers, is the first product built on the SVF license it received in April.
And now, here’s all of it!
- Maria
The Rundown
💸 Fundraises & Exits
ADI Chain, a UAE-based institutional layer-2 blockchain network, raised $50 million in a strategic investment round
EdenMountain, Saudi asset marketplace, raised and undisclosed amount from GrowthX Capital.
AlMkhtar, a Syrian prop and auto-tech platform, raised $100k in seed funding.
ORA Technologies, Moroccan super app, raised an extra $2 million in Series A funding, bringing the round total to $10 million
Keyper, a UAE-based proptech, raised $11 million in Series A funding led by SpeedInvest
Takeem, a UAE-based proptech, raised an undisclosed amount from Dubizzle Group Ventures
Maalexi, UAE-based agrifintech, raised $2.8 million in a round led by Tawuniya and Global Ventures
🚀 Partnerships and Product Launches
tabby introduced tabby cash: a fee-free debit account alternative
Emirates NBD introduced real-time USD cross-border payments on the Partior blockchain network
Spare partnered with XSquare on account-to-account payment capabilities, powered by Open Finance
Oman’s Mamun deepened its presence in Hong Kong
Standard Chartered rolled out USDC minting and redeeming services for eligible clients in the DIFC
Emirates NBD partnered with TechStars on a acceleration-to-enterprise program for fintech innovation
KamelPay launched AbsoluteCard: an integrated corporate payments platform to help businesses manage admin requirements for the newly introduced corporate tax and e-invoicing in the UAE
du Pay introduced wallet-to-wallet transfer to GCash accounts in the Philippines
Policybazaar.ae partners with tabby to launch split-payment options for insurance premiums in the UAE
🏛️ Policy & Regulation
Dubai’s Virtual Assets Regulatory Authority granted Revolut in-princeiple approcal for a Virtual Asset Service Provider license.
Credit Line receives its micro-consumer finance license in Saudi
Saudi’s Capital Market Authority introduced a new framework for SPACS
Remitly, a US-based cross-border remittance company, received a STories Value Facilities license and Exchange Business Category 4 license from the UAE’s Central Bank
Deutsche Bank received a Regional HQ license from the Ministry of Investment of Saudi Arabia
The UAE dirham-backed stablecoin, DDSC, is allowed to go live on selected exchange platforms
The UAE’s Central Bank licensed Taptap Send, a US cross-border payments company, to serve expat communities with local payments, digital wallets and card services.
Egypt’s Financial Regulatory Authority handed 10 new licenses , including a real estate investment fund license to Thndr and a real estate financing and factoring license to MNT-Halan
Abu Dhabi Global Market’s Financial Services Regulatory Authority granted BTCS Middle East a financial services permission to offer digital asset custody, trading and exposure management services to institutional clients
DaftarPay received its BNPL license from Saudi’s Central Bank
🗂️ Other News
The Middle East Stablecoin Association incorporates in the DIFC
Dubai’s Roads and Transport Authority progress on their vision for cashless public transport
Arada establishes Arada Capital: a real estate opportunity fund targeting $5 billion AUM within 4 years
The UAE’s Equiti Group launches the India Technology Hub in Bangalore
Seha Invest and Y-Innovations sign a $500 million partnership to build an investment platform for biotech and healthcare development in Saudi
Dubai Future District Fund backs the US’ MetaProp
Oman’s Investment Authority launches Terminal 11, a four-month European expansion program for 10 Omani start-ups, in partnership with Station F and HEC Paris.
Fun Stuff
🤓 Trivia of the week
Where does the word "cheque" come from?
(Answer at the bottom of the issue.)
Editor’s Picks
That’s the last 2 weeks of fintech news from around the Middle East and North Africa for you.
Until next time, salam ✌🏼
1 Trivia Answer: The Arabic word sakk, a written payment order used by merchants in 9th-century Baghdad to avoid carrying coins across dangerous routes. Its plural is Sukuk. The same word behind today's Islamic bond market.
