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5 FinTech companies making waves in the UAE market

By Leandra Monteiro

August 23, 2021


FinTech, Funding, wealth, UAEThe United Arab Emirates (UAE) houses almost 50% of the FinTech companies in the Middle East. Making it one of the largest FinTech hubs of the region. However, regulations across the region are at different stages of development as authorities are in the process of working out the best way to protect people as well as promote digital innovation.

According to Fitch Ratings the UAE economy in 2021 is not expected to return to the pre-pandemic levels. It forecasts growth of 4% in 2021 after a sharp 6.1% contraction this year. Fitch credits the sluggish recovery to relatively tight fiscal policies and a sluggish global economic recovery. However, there a number of FinTech start-ups across the UAE making waves in the industry. Here are a few to watch out for-

Mamo PayFounded in 2019 by former Google employees, Mamo Pay is a Dubai-based peer-to-peer (P2P) payment app. The FinTech allows its customers to make payments and transfer funds using the recipients phone number or email address only. This simplifies the traditional process and data that banks usually require, like IBAN numbers.

After raising US$1.5 million in April from Global Founders Capital (GFC) with participation from Global Ventures, VentureSouq, MSA Capital, Dubai Angel Investors (DAI), 500 Startups and some angel investors, Mamo Pay went live in December 2020. It joined Visa’s FinTech Fast Track program in June.

TabbyDubai based FinTech start-up, Tabby enables users across the UAE and Saudi Arabia with the flexibility to pay for their online and offline purchases either in a deferred single payment or in multiple instalments.

Founded in 2019, Tabby is a comparatively young buy-now-pay-later FinTech that partners with retailers to offer their online as well as in-store users, the ability to defer paying for their purchases for up to 30 days or to pay in four equal monthly instalments at zero cost to the customer.

The FinTech’s users can avail its services across more than 500 merchants, including brands like IKEA, Toys R Us and Ace Hardware, and regional retail giants such as Al Futtaim Group.

Tabby also raised US$23 million in a Series A funding round from Abu Dhabi state investor Mubadala Investment Company and Arbor Ventures in December 2020 after it announced a partnership with Visa and joined the Saudi Arabian Central Bank’s regulatory sandbox for FinTech firms. It secured a US$7 million funding round in June 2020.

ZiinaThe UAE-based FinTech, Ziina provides users with an app for easy P2P payments The mobile app possesses banking-grade security and end-to-end encryption to protect their users’ money and data. In addition, the mobile app does not require users to enter details such as banking codes to transfer money.

The digital solution simplifies financial payments between friends and families while reducing the need to carry cash all the time. Currently available to UAE residents on iOS and Android, the app provides an easy way for friends and family to split the cost of a takeout or a grocery bill.

CASHU: Established in 2002 by, CASHU is an online payment method. It serves the MENA region and has nearly 2.3 million consumers. CASHU is available at over 75,000 vendors spread across every country and city within the MENA region. CASHU has made it easy for consumers to fund their CASHU accounts and shop online from merchants who accept CASHU as a payment method.

CASHU is currently accepted by over 7,000 online merchants around the globe, who got the chance to grow businesses and to expand smoothly and securely in the MENA region. The company makes use of sophisticated and up to date fraud prevention and AML systems, thereby reducing the risks associated with online payments for both buyers and merchants, which all allow for wider, safer and faster consumer participation in e-commerce.

Trriple: Trriple is a digital payments platform in the UAE designed for both consumers and businesses. It provides a safe and convenient mobile wallet for payments – from everyday payments for consumers to faster and easier settlements for merchants. Trriple mobile wallet gives customers instant access to a host of online and in-store payment services including retail payments, salaries, remittances, bill payments, and vouchers & loyalty points, among others.

Trriple is powered by digital technologies for mobile phone wallets, digital KYC, NFC contactless payments and real time remittance. Integration into the financial ecosystem enables Trriple’s m-Commerce transactions in the UAE.

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