From e-payments to open banking and crypto-assets exchanges, Fintech companies are booming across MENA, driven by high demand from a young and increasingly digital-first population.

According to a report by KPMG, investment in Fintech companies in Europe, the Middle East, and Africa (EMEA) hit $77.4 billion in 2021, across 1,859 deals, compared to $26.7 billion in 2020. VC investment in Fintech skyrocketed in the EMEA region during the last year to hit $30 billion — more than tripling from its previous high of $9.9 billion in 2020.

Millions of people in the Middle East are still underserved in banking and payments, while areas like open banking, crypto, and equity trading are gaining ground across markets such as Bahrain, the U.A.E., and Egypt.

Payment companies dominate our 2022 list of the region’s top Fintech companies. Jordan’s MadfooatCom is one of the top performers after processing over $13 billion in transactions in 2021. Egypt’s Fawry, Saudi’s PayTabs, and Kuwait’s MyFatoorah are also helping revolutionize the sector in their home countries. Buy-now-pay-later platforms continue to draw interest, with four companies making it to the list: Saudi’s Tamara, Egypt’s ValU, and the U.A.E.’s tabby and Postpay.

Despite the unfavorable market conditions this year, crypto trading platforms are also still on the rise, with Bahrain’s Rain becoming a prominent player. The company bagged $110 million in a Series B funding earlier this year.

The U.A.E. dominates our 2022 Fintech list with eight entries, followed by Saudi Arabia and Egypt with five entries each.

Geidea offers digital banking technology, POS terminals, and business management solutions for both financial institutions and small businesses in retail and digital commerce. In 2021, it developed and launched a contactless mobile POS payment solution. The company employs more than 1,000 people and has 150,000 merchants. It provides support to more than 700,000 payment terminals and ATMs within Saudi. In 2021, Geidea was granted a license from the Saudi Central Bank to process end-to-end payment solutions. The company processed transactions worth $126.2 million in 2021.