Marhaba, fintech friends!

Revolut has finally arrived at the gates. This week, the UK’s largest digital bank received in-principle approval from the UAE Central Bank, and the ecosystem has been quick to split into two camps.

For some, it’s a milestone, proof that the UAE is serious about being a global hub that is open to both international and local players. It's a move that lowers barriers to entry, and signals to the world that this is a market worth betting on. Having relocated staff to the UAE as far back as 2022, Revolut’s presence is years in the making, and this approval now puts it on the path to launch.

For others, it’s a threat. Revolut enters with a global playbook of multi-currency accounts, real-time payments and a customer experience tuned to the expatriate-heavy, tech-savvy market that is the UAE. It sets a new bar for what digital banking can mean, forcing local players to confront the limits of their products, partnerships and UX.

The question now is whether homegrown fintechs can respond with genuine differentiation - through hyper-local remittance models, financial inclusion, SME ecosystems or banking-as-a-service - or risk watching their relevance erode as Revolut turns global features into local expectations.

Revolut’s debut is a trial by fire. It will either catalyze a new era of genuine innovation among UAE fintechs, or expose a widening gap between customer expectations and what homegrown players can deliver.

💸 Fundraises and Exits

🇦🇪 Abu Dhabi-based fintech and the world’s first Chief Financial AI, Metric, raises funding from A-typical Ventures to accelerate product development and scale pilots

🇸🇦 Orbii, Saudi-based credit infrastructure platform, raises $3.6 million in a seed funding round led by Prosus Ventures, and joined by VentureSouq, DASH Ventures, Taz Investments and Sanabil 500

🇦🇪 Prypco, UAE-based fintech for real estate, raises a pre-Series A round led by General Catalyst, at an undisclosed value - marking the investor’s first proptech commitment in the Middle East.

💰 Funds

🇦🇪 VentureSouq closes its second Fintech Fund to invest in early-stage investments in fintech and adjacent SaaS businesses across MENA, including payments infrastructure, alternative credit, digital banking, proptech, insurtech and personal financial management.

🚀 Partnerships & Product Launches

Botim partners with the Commercial Bank of Ethiopia to provide remittance services to Ethiopians living in the UAE

StashAway, a UAE-based digital investment platform, introduces its Shariah-compliant, globally diversified portfolio in the UAE

Fawry’s POS system integrates with Odoo’s to allow businesses to manage payment transactions and reporting within Odoo’s business management system

Qlub and Mastercard partner to combine the former’s QR-based payment technology with the latter’s global payments infrastructure and enhance the payments experience in MENA’s hospitality sector

Zand launches ZandPay: a POS solution supporting a range of payment methods as well as AI-driven analytics that allow businesses to to track sales patterns and customer preferences

London’s TerraPay partners with OMT, a financial services provider in Lebanon, to introduce a cross-border payment solution for Lebanese businesses

Oman’s Thawani launches the Mujib for Business card, the Sultanate’s first fully integrated smart financial card

Qatar National Bank (KSA) signs with Sanad Pay, a leading Saudi fintech, to introduce cloud-based POS terminals

Payment orchestrator, MoneyHash, partners with noon payments, to streamline access to localized payment methods across the GCC.

🏛 Licensing & Regulations

Revolut receives its In-Principle approval from the Central Bank of the UAE to launch its services in the country

Saudi’s Capital Market Authority approves a regulatory framework allowing licensed capital market institutions to operate debt crowdfunding platforms without the need to obtain an experimental Fintech license 

Egypt’s Financial Regulatory Authority grants Sahala, Egypt-based BNPL player, a license to finance medium and small enterprises.

Thank you for tuning in!

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Until next week,

Salam ✌🏼