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- The 15 apps had 9.5 million downloads and $6.9 billion worth of transactions in 2020.
- A.E.-based Fintechs represent 40% of the list with six entries.
- Egypt’s myFawry tops the ranking with over 1.6 million downloads last year.
Dubai: Forbes Middle East has released a list of the region’s Top 15 Fintech Apps 2021, highlighting the mobile applications helping customers make payments, remit money, borrow and invest online. The list was constructed based on the amount of money executed through the app in 2020, the number of downloads and active users, and the date of establishment. Fintech applications owned by traditional banks and telecommunication firms were excluded.
Egyptian payment portal myFawry topped the ranking with over 1.6 million downloads last year. Remittances and money transfer platforms Al Ansari Exchange Mobile App in the U.A.E. and Kuwait-based Al Mulla Exchange placed second and third, respectively. Established in 2020, Kuwait’s FinFirst Capital is the youngest app featured at 14th position. The financial services marketplace has conducted 5,000 transactions worth a total of $60 million.
The companies featured on this list amassed a combined total of 9.5 million downloads and processed $6.9 billion worth of transactions in 2020. The apps represent five countries. Six are headquartered in the U.A.E., followed by four in Egypt, three in Kuwait, and one each in Jordan and Saudi Arabia.
Top Fintech Apps In The Middle East 2021: Country Breakdown | |||
U.A.E | 6 | Jordan | 1 |
Egypt | 4 | Saudi Arabia | 1 |
Kuwait | 3 |
Click here for the complete ranking of the Top Fintech Apps In The Middle East 2021.
Top 5 Fintech Apps In The Middle East 2021
- 1 | myFawry
- Payment Portal
- Established: 2019
- Country: Egypt
- 2 | Al Ansari Exchange Mobile App
- Remittances and Money Transfer
- Established: 2018
- Country: U.A.E.
- 3 | Al Mulla Exchange
- Remittances and Money Transfer
- Established: 2018
- Country: Kuwait
- 4 | MyFatoorah
- P2P Payment Solutions
- Established: 2016
- Country: Kuwait
- 5 | valU
- Buy-Now-Pay-Later (BNPL) Platform
- Established: 2017
- Country: Egypt
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About Forbes Middle East
Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic, with digital versions available to both regional and global audiences online.
Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.
Media Contact
Juweyria Hersi,
hersi@forbesmiddleeast.com
© Press Release 2021
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