Salam, fintech friends!
Over a month after it began, the war continues. Big tech companies the likes of Google, Apple and Microsoft join energy infrastructure on the list of targets. Oil prices are through the roof. AWS Bahrain was disrupted for the second time in 3 weeks.
Over in the regional tech ecosystem, things are slower but the predominant feeling on the ground remains one of continuity and optimism in the market, the economy and the opportunity. Blackstone seems to agree. In a big vote of confidence, the asset manager invested $250 million in ADGT, a payments and data intelligence player formed through strategic partnership between them and Abu Dhabi’s Raya Holding.
In Saudi Arabia, Lean Technologies became the first company to receive the Saudi Central Bank's Major Payment Institution license for open banking services, with Neotek following closely as the second, suggesting that regulation is moving on schedule.
The ecosystem, it seems, has things to do and places to be.
Here’s the full roundup of fintech news from MENA!
💸 Fundraises and Exits
🇪🇬🇺🇸 US-born, Egyptian-founded start-up Hamilton Labs receives funding from AXIAN Investment to expand its stablecoin infrastructure, USDh, across Africa
🇦🇪 zypl.ai, a UAE-based credit scoring company, raises $5.5 million in a bridge funding round led by Carbide Ventures
🇦🇪 Blackstone invests $250 million in Abu Dhabi based payments and data intelligence player, ADGT (Advanced Digital Gaming Technology)
🇱🇧🇺🇸 Lebanese-founded Kalshi raises over $1 billion in its latest funding round, at a $22 billion valuation.
💰 Funds
🇦🇪 Phoenix Venture Partners makes a third close on its inaugural fund toward investing in fintech and other sectors across early-stage businesses in MENA.
🚀 Partnerships & Product Launches
🇦🇪 Vault22 launches in the UAE with its AI-powered wealth management platform
🇦🇪 Fuze partners with Miden to develop regulated digital asset use cases.
🏛 Licensing & Regulations
🇸🇦 Lean Technologies becomes the first to receive the Saudi Central Bank’s Major Payment Institution license for open banking services
🇸🇦 Neotek becomes the second/
🇪🇬 Egypt's FRA grants Telda a consumer finance license
🇦🇪 Dubai approves a AED 1 billion package of economic facilitation measures to support businesses
🇦🇪 The UAE’s Ministry of Finance launches the first phase of its R&D Tax Incentives Program
🇦🇪 VARA grants Relm a broker-dealer license
🇸🇦 Ateon receives a license to provide payment services through major payment institutions from Saudi’s SAMA
🇦🇪 VARA introduces a regulatory framework for exchange traded derivatives in virtual assets.
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Until next week,
Salam ✌🏼
