RIYADH: The first UAE-based open finance platform, Fintech Galaxy, has successfully raised $2 million in its latest funding round, MAGNiTT reported.
Payouts were led by Jordan’s Ahli Fintech, with Saudi Raz Holding Group, OMQ Investments, EFG EV Fintech Fintech, and INSEAD Saudi Angel Investors also contributing.
Fintech Galaxy plans to utilize its newly acquired funds to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (MENA) markets.
Founded in 2018, the platform will provide access to customer data from partner banks through its Open Banking APIs, while allowing developers to build new apps and services.
This comes as Open Finance is the next step in the Open Banking journey, which is widely adopted now in many countries, including Saudi Arabia. The Saudi Central Bank (SAMA) is launching a framework for Open Banking in the Kingdom during the first half of 2022, according to MAGNiTT.
By the third quarter of 2021, every fourth transaction in the UAE was closed by a UAE-based FinTech, observing more than 700 percent year-on-year growth in funding to rank as the top industry by volume of funding and number of deals, according to a MAGNiTT report.
Major rounds by Tabby, BitOasis, and Sarwa paved the way for an impactful conversation around the new generation of finance in MENA, the report revealed.
