3 FinTech companies in Lebanon making waves in the industry

By Leandra Monteiro

The FinTech market is characterized by a rapidly growing number of startups and businesses without bank licenses (non-banks). In Lebanon, the largest FinTech segment is estimated to be digital payments with a total transaction value of US$4,902.00m in 2023. The average transaction value per user in the digital investment segment is projected to amount to US$2.47k in 2023.

According to the 2019 MENA Fintech Venture Reporting, out of all FinTech startups in the Middle East and North Africa (MENA), Lebanon ranked third place with 9% of the total number of FinTechs, after the UAE and Egypt. As of 2020, there were 28 Startups in Lebanon according to Findevgateway.

Here are 3 FinTechs in Lebanon making waves in the industry:

• Bluering

Bluering is a software company that delivers Credit Automation and Credit Risk solutions to the global banking and financial sector. Bluering offers comprehensive and fully integrated software applications through its suite of products such as Bluering Corporate Credit, Bluering SME Credit, Bluering Retail Credit, Bluering Risk Rating, Bluering Collateral Management and Bluering Contracts Management.

Bluering’s team of experts help its clients implement Bluering products through consulting, integration, business process reengineering and many other services insuring a turnkey implementation.

• Capital Banking

Capital Banking Solutions is a provider of end-to-end, integrated banking software for businesses across Europe, Africa, the Middle East and the Americas. The company offers a suite of integrated and modular products for retail, corporate and private banks, as well as financial institutions.

Offering flexible delivery models, from on-premises installations to managed hosting to banking in the cloud, its flagship product, CapitalBanker, provides a core banking platform with a robust set of capabilities to support the business functions for commercial banks.

The company also provides a full portfolio of extensible software modules that integrate with CapitalBanker to bolster key functions such as business intelligence, risk management and compliance, bank office automation, and multi-channel support including internet and mobile banking.

• PinPay

PinPay has developed a platform to provide mobile payment and mobile banking solutions. PinPay offers a smartphone application for consumers to enable mobile payments to pay for mobile bills and TV services. The app allows users to pay for their cablevision subscription, park meter fines, internet account recharge, buy vouchers.

The app also allows users to directly link their bank account to the app and send money to their friends who are also using the app. Through the app, users can browse through their transaction history and their banking activity. The app service charges on transactions and varies with the type of transactions.