The Top Fintech Companies Who Are Leveling Up the Dubai Tech Market

With its numerous startups and foreign investments, Dubai has recently been a leader in developing a cutting-edge tech industry. As they continue to drive Dubai’s digital economy forward, fintech companies have been among the key forces in this growth.

Although Dubai has long been regarded as one of the most progressive thinking financial hubs in the world, the region’s tech sector has been reluctant to grow. However, as entrepreneurs have pushed technology like mobile payments and block-chain use into mainstream, Dubai’s FinTech sector has grown in recent years.

Dubai is at the forefront of Fintech development

Dubai is leading the growth of the innovative and quickly expanding fintech sector. The Dubai tech market is anticipated to reach a value of $3 billion by the end of 2022, making it one of the world’s innovation hubs with the quickest growth. One of the biggest drivers of this growth and some of the most significant innovations in other fields,such as big data and cloud computing solutions, has been fintech financial technology.

The city has attracted some of the world’s top fintech companies, leveling the playing field for other tech enterprises. Not only are these businesses altering the way we bank and manage our finances, but they are also generating new employment prospects and business ventures. Here are a few of the top fintech companies that are having a significant influence.

List of Top Fintech Companies in dubai

MashreqNeo- a bank for a brilliant new age!

MashreqNeobiz is a fintech company that is upending the UAE banking sector. This neo bank provides a range of digital banking services and products that are designed to simplify life for users.

From personal finance management to business banking, MashreqNeo has something for everyone. Additionally, they have excellent customer service,which makes resolving any banking concerns a breeze. What best? Transfers within the same bank from one account to another are free of cost! For instance, there are no fees involved when you transfer money from your Emirates NBD account to your Mashreq account. Even better: You can send money abroad at affordable rates via the foreign exchange.

The simplicity with which many accounts may be managed using a single login, negating the need for multiple logins and passwords, is another noteworthy aspect. Additionally, they are mobile-friendly,so your tablet or smartphone may use them without any problems. Wherever you are, you’ll always have immediate access to all of your balances, transactions, alerts, and more! With all these features combined into one product (plus free ATMs), we believe it is time for your to open a new checking or savings account with Mashreq today!

Sarwa- Smart investing for everyone

A start up called Sarwa is swiftly establishing a reputation for itself in the financial industry. The business provides investors with a Robo – advisor service to aid in portfolio decision- making. One of the few businesses in the UAE that holds a securities and Exchange Commission (SEC) license is Sarwa. The Wall Street Journal, The Economist, The Forbes have all written about the businesses.

It’s obvious that Sarwa’s team of professionals is skilled at managing challenging financial circumstances. Because of this, the business employs a sizable number of people with backgrounds in math, engineering, finance, computer science, and other fields. In actuality, six out of ten members of Sarwa’s management staff hold doctoral degrees or advanced degrees. As an illustration of how Sarwa was able to assist its clients, consider the investment guidance they provided during the most recent pandemic.

They provided advice on the results of the US election and Brexit so that clients may safeguard themselves against any market changes that might have resulted from these events. As a result, many investors think Sarwa will keep expanding as 2022 approaches because of its creative ideas and a staff of professionals who can handle even the most challenging issues.

Beehive- connecting businesses with a crowd of investors

A peer-to-peer lending network called Beehive enables users to get small business loans. The business is headquartered in Dubai, United Arab Emirates, and was established in 2012. Over the course of 5 rounds, Beehive secured a total of $38M in funding. Their most recent round of investment, a Post-IPO Equity round, was raised in December 2021, They have worked with 15,000 individuals who have taken out loans ranging from Dh 500 (US$ 130) to Dh 50 million (US$ 13 million)

Their clientele is made up of people from various walks of life, including students, housewives, freelancers, small company owners, and professionals. They offer micro-credit for SMEs in addition to offering credit for individuals through their social P2P network. While their SME offering covers loans up to Dh 500 million with interest rates starting at 2 percent per year and no monthly installments necessary, Beehive’s personal loan product includes loans up to Dh 50 million with interest rates starting at 3 percent per year.

NOW Money- simplest & fastest way to pay and get paid

Another fintech business in Dubai that is upending the established financial system is NOW Money. Users can send money, make payments, and keep track of their spending using the company’s mobile app and prepaid card. By making it simpler for people to obtain financial services, NOW Money is assisting in leveling the playing field in the Dubai IT sector. The Economist, Forbes, and TechCrunch have all profiled the business.

Their mobile app has received over a million downloads, and they process over $10 billion a year. In fact, they conduct more than half of their transactions internationally. This service is available to any residents or visitors who need to send money abroad, including the approximately 3 million international migrant workers who are currently employed in Dubai alone.

In addition to having its own locations in Cairo and Istanbul, NOW Money also collaborates with remittance companies like Western Union and UAE Exchange to enable seamless service access from any location.

Magnitt- a Middle Eastern center for investors mentors, and startups

Since its founding in 2013 Magnitt has been causing a stir in the fintech industry, and it shows no signs of slowing down. Magnitt is a force to be reckoned with, from its ground-breaking products to its forward-thinking staff. Magnitt has been recognized as one of the top 50 fintech companies in the world by KPMG, so we’re not the only ones who agree with that assessment. Magnitt is undoubtedly one to watch if you’re looking for a leading fintech startup.  

They are among the top 50 fintech companies worldwide and have just received $6 million in funding from Shuaa Capital.This business will surely continue to develop in Dubai’s fintech market as their success rate increases tremendously each year.

Tarabut Gateway- enabling a new world of financial services!

A better client experience may be provided by banks and other financial institutions thanks to Tarabut Gateway, a digital banking platform. CEO Wissam Youssef and COO Walid Mansour launched the company in 2016. Middle East Venture Partners (MEVP) and 500 Startups are only two of the investors who contributed $4 million to Tarabut Gateway’s seed round of funding. The company has 30 employees and its headquarters are in Dubai.

Banks like Emirates NBD, Mashreq, and RAKBANK have joined withTarabut Gateway to provide their consumers with digital banking services. What distinguishes Tarabut Gateway from other fintech companies? They have a seasoned executive team with experience working at well-known companies like Google and JP Morgan Chase, among others. Leading bank in the UAE, Emirates NBD, is one of the few companies utilizing this technology to improve customer service and streamline transactions for its clients. Clients now benefit from seamless check deposits and round-the-clock chat- based customer service via messaging services like Telegram or WhatsApp.  

According to Khalid AI Jardan, Group Head for Digital Banking at Emirates NBD, “We’re excited about partnering with industry-leading companies like Tarabut to bring new creative technology into our clients’ everyday lives”.

NymCard- Digital first card program

NymCard is another financial business on our list that is disrupting the IT market in Dubai. Users can keep both their credit and debit card information in one location using the company’s mobile app. Users may easily track their expenditure and make payments as a result.

NymCard’s founders hope this will encourage more people to adopt digital banking services as opposed to carrying cash or credit cards around with them everywhere they go. With many people struggling with high levels of debt across many countries, fintech like NymCard will help change consumer habits while enabling those who need access to cheaper loans to have better options available.

NymCard is swiftly rising to prominence in the UAE and is on track to become one of the top fintech companies in Dubai. Numerous banks and financial institutions across the country have taken notice of NymCard because of its simple yet effective solution. NymCard was developed by two businessmen from London, Theo Paphitis and Chris Gorgolewski, to make transactions simpler to access with just one swipe.  

Tabby- Buy now, pay later!

A financial technology business called Tabby assists users in managing their money and coming to wiser financial judgments. Two former PayPal employees created the business, which has its headquarters in Dubai. Middle East Venture Partners (MEVP) and 500 Startups, two reputable investors, contributed $2 million to Tabby’s seed round of funding. The company’s mobile app is accessible on iOS and Android, and more than 100,000 people have downloaded it.

The goal of Tabby is to equip users with the knowledge and resources they need to make wiser financial decisions. Numerous magazines, including as Forbes, Arabian Business, and Gulf News, have featured and talked about the company. Additionally, it won three important accolades for Best Financial App at Banker Awards, Most Innovative Financial App at e-Money Conference & Awards, and Best Personal Finance App at ArabNet, the largest regional IT conference in the Middle East.

Since launching in 2014, Tabby has served more than 200 thousand customers in a number of international countries, including Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman. The company’s customer-centric strategy, which emphasizes user feedback, as well as community engagement programme like Tabby Nights, where local customers are invited into the office for an evening of food and entertainment while discussing personal finance issues, continue to be the main drivers of the company’s success.

Read: Future Possibilities of 5G in Dubai: There Is More To Explore

Conclusion 

Through delivering superior, less expensive, and greater specialized options to people and organizations utilizing online, smartphone, and cloud technologies, the fintech sector has revolutionized and is still disrupting the financial services sector. Modern fintech companies strive to incorporate technology to influence consumer behavior.

These top fintech companies in Dubai are playing a major role in leveling up the tech market in the city. They are providing innovative solutions to common problems, and they are constantly improving the user experience. In addition, they are always looking for new ways to improve their services. As a result, these companies are making a big impact on the tech scene in Dubai and will continue to grow in the coming time.