Forbes Top 30 Fintech. (Photo courtesy of Forbes Middle East website)
Egypt's Fawry for Banking Technology and Electronic Payments topped the list, followed by Jordan's MadfooatCom for ePayments.
Fawry has processed $6.8 billion worth of transactions and served 49.4 million customers in 2022.
The third place position on the list was occupied by UAE's Optasia, while Egypt’s MNT-Halan ranked fourth.
MNT-Halan secured over $200 million from UAE's Chimera Investments in February 2023 to become the latest privately held startup company valued at over $1 billion.
The other Egyptian companies on the list were Aman Holding (12th), Paymob (13th), valU (15th), MoneyFellows (22nd), PaySky (25th) and Thndr (26th).
Forbes' list tracks companies that are applying technology to financial sectors, including payments, insurance, digital banking, investing and wealth management, saving, lending and personal financing.
The list considers multiple factors, including the value of transactions executed, the number of app downloads and active users and the growth rate over the past year.
Egypt has taken major steps to encourage investments and entrepreneurship and it has paid off. In December, the country came first in the Middle East and North Africa (MENA) region in terms of startup funding, with a total of $45.7 million.
Similarly, the Egyptian health technology sector is expected to surge 388.46 percent to $885.7 million in 2025 from $228 million in 2021.
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