Top 10 Fintech startups in Dubai 2024?

Are you ready! to explore the dynamic world of Fintech startups in Dubai? 🚀 Each of these companies is transforming the financial landscape, bringing innovation to banking, payments, investments, and more.

Let’s dig—one by one—into these incredible ventures. Along the way, feel free to reflect on how their solutions might impact your everyday financial life! 💳

1. Careem Pay

💡 Ever thought of managing your payments through a super app that handles everything from rides to bills?

Careem Pay is an exciting venture that spun out of the popular ride-hailing app, Careem. Their mission is simple: make payments seamless, whether it’s splitting fares, paying friends, or settling utility bills. Careem Pay brings a frictionless digital wallet experience to millions of users. As part of the larger Careem ecosystem, it’s built for convenience and security, helping users streamline financial transactions.

Founded By & Year: Mudassir Sheikha, Magnus Olsson & Abdulla Elyas, 2022
Net Worth: USD 250 Million
Business Model: Careem Pay offers a digital wallet integrated with the Careem app, providing peer-to-peer payments, bill payments, and subscription services. It aims to create a one-stop financial solution in the UAE.
Funding: Raised $50 million as part of Careem’s strategic expansion.

2. Tabby

🤔This fast-growing Fintech startup in Dubai provides a Buy Now, Pay Later (BNPL) solution that gives users the flexibility to pay over installments with no hidden fees. Tabby works with top retailers, making it easier for people to shop without immediate payment stress.

Founded By & Year: Hosam Arab, 2019
Net Worth: USD 750 Million
Business Model: Tabby partners with e-commerce and retail companies to offer BNPL solutions to customers, charging a small merchant fee for each transaction.
Funding: USD 275 Million from investors like Sequoia Capital and STV.

3. YAP

💬 YAP, a digital banking platform, delivers exactly that. As one of the most disruptive Fintech startups in Dubai, it offers a fully digital banking experience without traditional bank branches. From savings management to real-time spending analytics, YAP empowers users with financial control right from their smartphones.

Founded By & Year: Marwan Hachem, Anas Zaidan, 2021
Net Worth: USD 200 Million
Business Model: YAP provides virtual accounts and financial tools such as budgeting, analytics, and spending controls, generating revenue through account subscriptions and partner banks.
Funding: Raised USD 41 Million from strategic investors in the region.

4. Zbooni

🛍️Zbooni makes that possible! This Fintech startup in Dubai bridges merchants and customers with a chat commerce platform, simplifying payment collection through messaging apps like WhatsApp.

Founded By & Year: Ramy Assaf, 2017
Net Worth: USD 100 Million
Business Model: Zbooni charges merchants a small transaction fee for each payment processed, while also offering business analytics and invoice management services.
Funding: USD 9.5 Million in recent rounds.

5. PayBy

💡 PayBy takes mobile payments to the next level with its easy, secure, and lightning-fast payment solutions. Positioned as one of the most innovative Fintech startups in Dubai, PayBy enables users to pay through QR codes and mobile wallets, even without a bank account.

Founded By & Year: SK Lee, 2020
Net Worth: USD 120 Million
Business Model: PayBy offers P2P payments, merchant solutions, and government services, earning revenue from merchant transaction fees.
Funding: Part of a $50 Million investment by a Chinese financial group.

6. Beehive

Beehive is the first regulated peer-to-peer lending platform in the Middle East. This Fintech startup in Dubai connects small businesses with investors, allowing companies to raise capital without banks.

Founded By & Year: Craig Moore, 2014
Net Worth: USD 200 Million
Business Model: Beehive makes money by charging service fees to both businesses and investors on successfully funded loans.
Funding: USD 15 Million raised across multiple rounds.

7. Mamo Pay

💬 Mamo Pay offers lightning-fast payments and a seamless experience for both individuals and businesses. As one of the leading Fintech startups in Dubai, Mamo simplifies payments with its secure digital wallet and instant P2P transfers.

Founded By & Year: Mohammad El Saadi & Omar Kassim, 2020
Net Worth: USD 80 Million
Business Model: Mamo Pay earns revenue through transaction fees on transfers and merchant partnerships.
Funding: USD 8 Million from global investors.

8. Aqarat

Aqarat is revolutionizing property investments, allowing users to invest small amounts in real estate properties across Dubai. This Fintech startup in Dubai opens doors to wealth creation for everyone.

Founded By & Year: 2019, Ali Malik
Net Worth: USD 150 Million
Business Model: Aqarat earns through management fees on investments and rental income from properties.
Funding: USD 10 Million from regional investors.

9. Sarwa

📈 Sarwa brings easy, automated investment solutions to everyone. Recognized as one of the top Fintech startups in Dubai, Sarwa makes investing accessible by offering robo-advisory services.

Founded By & Year: Mark Chahwan, 2017
Net Worth: USD 90 Million
Business Model: Sarwa earns through management fees on users’ investment portfolios.
Funding: USD 25 Million in total funding.

10. NymCard

💳 NymCard offers a cutting-edge platform for businesses to issue virtual and physical cards in record time. This Fintech startup in Dubai is powering the next generation of payment solutions.

Founded By & Year: Omar Onsi, 2018
Net Worth: USD 70 Million
Business Model: NymCard provides card issuance services and APIs, charging companies based on usage and transactions.
Funding: USD 12 Million from venture capital firms.

Conclusion:

Which of these Fintech startups in Dubai caught your attention? Could one of these services help simplify your financial life?

There’s no better time than now to explore the amazing innovation happening in Dubai’s fintech scene!

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FAQ’s

1.What is the fintech landscape like in Dubai?

Dubai is one of the leading hubs for fintech in the MENA region, with a rapidly growing sector expected to reach a gross valuation of $3.1 billion by 2024. The city hosts numerous innovative startups and has high smartphone penetration, which supports the adoption of digital financial services such as open banking and cardless payments.

2.What are the benefits of starting a fintech company in Dubai?

Entrepreneurs benefit from a tech-savvy population, a favorable regulatory environment, and a 0% personal income tax rate. Additionally, setting up in a free zone offers advantages like zero currency restrictions and profit repatriation.

3.What are some notable fintech startups in Dubai?

Some prominent fintech companies include BitOasis (cryptocurrency), PostPay (buy now, pay later services), Yap (fintech lending), and Tabby (flexible payment options). These companies are recognized for their innovative solutions that cater to the growing demand for digital financial services.

4.What steps are involved in starting a fintech company in Dubai?

Key steps include developing a business plan, applying for a fintech license through regulatory bodies like the Financial Services Regulatory Authority (FSRA), and obtaining necessary visas for founders and employees. The costs for licensing can range from AED 12,500 to AED 35,000 depending on various factors.

5.How does fintech improve financial services?

Fintech integrates technology into financial services to enhance user experience, streamline processes, and reduce costs. It encompasses various applications such as mobile banking, peer-to-peer payments, and automated investment platforms, aiming to make financial services more accessible and efficient.