Investment Surge in Fintech, Gaming, and Health Care Across MENA Region
Startups in the Middle East and North Africa are securing substantial investments, particularly in fintech, gaming, and health care sectors.
Startups in the Middle East and North Africa (MENA) region are witnessing increased investor interest, particularly within the fintech, gaming, and health care sectors, as evidenced by various recent funding rounds.
UAE-based fintech NymCard secured $33 million in a series B funding round led by QED Investors, with additional participation from Lunate, Dubai Future District Fund, and Mashreq Bank among others.
Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard offers API-based solutions that allow fintech companies to integrate financial services into their applications.
The recent investment will facilitate the company's expansion into over 10 markets in the region and enhance its payment infrastructure for banks, enterprises, and telecom providers.
Onsi indicated that this investment affirms the company's technological strengths and its commitment to promoting financial innovation in the MENA region.
NymCard previously raised $22.5 million in a venture round in 2022, led by DisruptAD and Reciprocal Ventures.
In another instance, UAE-based fintech ClearGrid emerged from stealth mode after raising $10 million through a combination of pre-seed and seed funding rounds.
The pre-seed funding of $3.5 million was co-led by Raed Ventures and Beco Capital, while the seed funding of $6.5 million was co-led by Nuwa Capital and Raed Ventures.
Founded in 2023 by Khalid Al-Saud, Mohammad Al-Zaben, and Mohammad Al-Khalili, ClearGrid offers an AI-powered platform designed to enhance debt collection for lenders.
The startup aims to leverage artificial intelligence and machine learning to improve debt resolution processes and intends to expand its reach across the MENA region.
In the gaming sector, PlaysOut, a UAE-based startup, raised $7 million in seed funding at a valuation of $70 million.
The funding round involved investors such as OKX Ventures and KBW Ventures.
Founded in 2024 by Jassem Osseiran and Jimmie Jeremejev, PlaysOut provides a mini-games engine that enables platforms to integrate a library of interactive mini-games.
Funding will assist in expanding its mini-game ecosystem and penetrating high-growth markets including the United States and Asia.
Additionally, UAE-based ORO Labs raised $1.5 million in a pre-seed funding round for its tokenized gold platform, which allows users to trade gold-backed assets.
The investment was led by 468 Capital and involved participation from Fasset and various angel investors.
Palestine-based MENA Analytics, a platform enabling enterprises to gather market insights, secured undisclosed funding from Ibtikar Fund to enhance its research capabilities and facilitate expansion into Jordan and Saudi Arabia.
The startup, founded in 2023, focuses on utilizing survey tools and data capture solutions.
In Tunisia, Juridoc.tn, a regulatory technology startup specializing in AI-powered legal document automation, received an undisclosed investment round from Go Big Partners and 216 Capital Ventures.
The company aims to expand its services into the OHADA region, which consists of 17 West and Central African countries.
Egypt-based Grinta, a pharmaceutical marketplace startup, raised an undisclosed funding round from Beltone Venture Capital and Raed Ventures, and also announced the acquisition of Citi Clinic, a healthcare service chain.
Founded in 2021, Grinta plans to transition from a business-to-business marketplace to a hybrid model that includes direct patient care.
Moreover, Egypt’s leading fintech company Fawry entered into a strategic agreement with Contact Financial Holding to integrate a buy now, pay later service into its payment network.
This partnership aligns with Egypt’s digital transformation strategy, which aims to drive financial inclusion by minimizing cash dependency.
Yango Group launched Yango Ventures, a corporate venture fund with an initial capital of $20 million, aimed at supporting early-stage startups in regions including Latin America and Sub-Saharan Africa.
The fund targets investments from seed to Series B stages in various sectors, leveraging the company’s existing resources and networks.
UAE-based fintech NymCard secured $33 million in a series B funding round led by QED Investors, with additional participation from Lunate, Dubai Future District Fund, and Mashreq Bank among others.
Founded in 2018 by Omar Onsi and Ayman Chalhoub, NymCard offers API-based solutions that allow fintech companies to integrate financial services into their applications.
The recent investment will facilitate the company's expansion into over 10 markets in the region and enhance its payment infrastructure for banks, enterprises, and telecom providers.
Onsi indicated that this investment affirms the company's technological strengths and its commitment to promoting financial innovation in the MENA region.
NymCard previously raised $22.5 million in a venture round in 2022, led by DisruptAD and Reciprocal Ventures.
In another instance, UAE-based fintech ClearGrid emerged from stealth mode after raising $10 million through a combination of pre-seed and seed funding rounds.
The pre-seed funding of $3.5 million was co-led by Raed Ventures and Beco Capital, while the seed funding of $6.5 million was co-led by Nuwa Capital and Raed Ventures.
Founded in 2023 by Khalid Al-Saud, Mohammad Al-Zaben, and Mohammad Al-Khalili, ClearGrid offers an AI-powered platform designed to enhance debt collection for lenders.
The startup aims to leverage artificial intelligence and machine learning to improve debt resolution processes and intends to expand its reach across the MENA region.
In the gaming sector, PlaysOut, a UAE-based startup, raised $7 million in seed funding at a valuation of $70 million.
The funding round involved investors such as OKX Ventures and KBW Ventures.
Founded in 2024 by Jassem Osseiran and Jimmie Jeremejev, PlaysOut provides a mini-games engine that enables platforms to integrate a library of interactive mini-games.
Funding will assist in expanding its mini-game ecosystem and penetrating high-growth markets including the United States and Asia.
Additionally, UAE-based ORO Labs raised $1.5 million in a pre-seed funding round for its tokenized gold platform, which allows users to trade gold-backed assets.
The investment was led by 468 Capital and involved participation from Fasset and various angel investors.
Palestine-based MENA Analytics, a platform enabling enterprises to gather market insights, secured undisclosed funding from Ibtikar Fund to enhance its research capabilities and facilitate expansion into Jordan and Saudi Arabia.
The startup, founded in 2023, focuses on utilizing survey tools and data capture solutions.
In Tunisia, Juridoc.tn, a regulatory technology startup specializing in AI-powered legal document automation, received an undisclosed investment round from Go Big Partners and 216 Capital Ventures.
The company aims to expand its services into the OHADA region, which consists of 17 West and Central African countries.
Egypt-based Grinta, a pharmaceutical marketplace startup, raised an undisclosed funding round from Beltone Venture Capital and Raed Ventures, and also announced the acquisition of Citi Clinic, a healthcare service chain.
Founded in 2021, Grinta plans to transition from a business-to-business marketplace to a hybrid model that includes direct patient care.
Moreover, Egypt’s leading fintech company Fawry entered into a strategic agreement with Contact Financial Holding to integrate a buy now, pay later service into its payment network.
This partnership aligns with Egypt’s digital transformation strategy, which aims to drive financial inclusion by minimizing cash dependency.
Yango Group launched Yango Ventures, a corporate venture fund with an initial capital of $20 million, aimed at supporting early-stage startups in regions including Latin America and Sub-Saharan Africa.
The fund targets investments from seed to Series B stages in various sectors, leveraging the company’s existing resources and networks.