Salam, fintech friends!
The headline this week: Revolut is fully cleared for launch in the UAE.
After receiving in-principle approval from the Central Bank last September, the global fintech has now secured both its Stored Value Facilities and Retail Payment Services licenses, completing its regulatory journey in the country. A local product launch is next, with Revolut building out its UAE offering ahead of a full-scale rollout.
Beyond that, an eventful 2 weeks across the board:
MNT-Halan closed the first tranche of a new funding round at a $1.4 billion valuation, led by Ahly Capital
Growth Catalyst, a Saudi-based PE fund, secured $96 million in commitments from Saudi Venture Capital and regional family offices for the first close of its Growth Catalyst Fund
Alaan launched the UAE's first AI-native business bank account, in partnership with ruya.
Here's the full roundup!
💸 Fundraises and Exits
🇪🇬 Egypt’s Blnk raises $12.5 million in Series A funding led by Algebra Ventures, and joined by SANAD Fund for MSME, Endeavor Catalyst and Emirates International Investment Company, as well as $24.6 million in local debt facilities
🇪🇬 MNT-Halan closes the first tranche of a funding round led by Ahly Capital Holding, at a $1.4 billion valuation
🇸🇦🇮🇳 Saudi’s Watad Group acquires Anomapro, an India-based financial intelligence platform
🇦🇪 Algebra AI raises $7 million in a round led by BECO Capital
🇲🇦 Morocco’s Agenz raises $5 million in seed funding co-led by Breega, Attijariwafa Ventures and Saviu Ventures
🇦🇪 Sovra raises $2 million in pre-seed funding led by Pharsalus Capital.
💰 Funds
🇸🇦 Growth Catalyst, a Saudi-based PE fund, secures $96 million in commitments from Saudi Venture Capital and regional family offices for the first close of its Growth Catalyst Fund
🇯🇴 Jordan’s ISSF commits $7 million to Endeavor Catalyst V, a global co-investment fund with more than $300 million in assets under management
🇵🇸 Palestine Monetary Authority and the National Bank sign a $50 million framework financing agreement to extend funding to micro, small and medium-sized businesses across Palestine.
🚀 Partnerships & Product Launches
🇦🇪 Abu Dhabi Securities Exchange (ADX) Group partners with US-based FINTECH.TV to establish the first international financial news studio broadcasting live from a stock exchange in MENA
🇦🇪 Wio Bank partners with Geidea to bring its business banking and financing solutions to SMEs through the latter’s merchant network
🇦🇪 Integra chooses SettleMint as its digital asset lifecycle platform partner
🇦🇪 Vault22 expands its digital wealth management platform with automated investment tools, including Tara, an AI-powered financial assistant
🇦🇪 SDB Wallet introduces its digital wallet services, bringing together multi-currency accounts, Mastercard cards, international money transfers and digital asset deposits
🇦🇪 The Central Bank of the UAE (CBUAE) partners with the World Bank Group on financial inclusion, literacy and consumer protection initiatives across the country
🇪🇬 Huawei Cloud expands its presence in Egypt’s fintech sector through locally hosted infrastructure
🇦🇪 HSBC Bank Middle East partners with Direct Debit System, enabling its corporate clients to digitize their recurring payment collections and receivables
🇦🇪🇽🇰 The CBUAE signs an MoU with the Central Bank of the Republic of Kosovo, with a focus on fintech development, monetary policy, macro-prudential measures and financial stability
🇦🇪 Alaan launches an embedded business banking account for UAE companies in partnership with ruya
🇦🇪 du rolls out the du Launchpad: an AI-powered platform for SMEs to manage accounting, payroll and corporate tax filing.
🏛 Licensing & Regulations
🇦🇪 Revolut receives its Stored Values Facilities and Retail Payment Services license from the CBUAE
🇦🇪 Blackstone-backed property payments platform, Redpin, receives in-principle approval from the Dubai Financial Services Authority
🇦🇪 Franklin Templeton secures operating licenses from the UAE’s Capital Markets Authority for its new Abu Dhabi entity
🇧🇭 Bahrain’s Sharia Review Bureau grants Madak App, a Saudi fractional real estate investment platform, a Sharia certification
🇸🇦 Brookfield Arabia for Business Services receives approval to run management investments and fund operation activities in Saudi.
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Until next week,
Salam ✌🏼
