The Middle East’s FinTech scene is booming, and Bahrain is at the forefront of the movement! Three innovative Bahraini companies – EazyPay, Rain and Tarabut– have secured a spot on the prestigious Forbes Middle East FinTech 50 list. This recognition is a testament to the creativity and potential of Bahrain’s FinTech industry, making waves not just regionally, but potentially on a global scale.
Let’s dive deeper and see what makes these three companies stand out:
EazyPay
EazyPay offers payment services, POS systems, online payment gateway services, and cards and virtual accounts issued across Bahrain. With a network of 1,800 merchants and more than 7,628 POS terminals, EazyPay processed transactions worth $2.7 billion in 2023, up from $1.8 billion in 2022. It currently operates in Bahrain, with clients including Talabat, Uber, TikTok, FedEx, stc, Sharaf DG, and Bahrain International Circuit. It plans to expand into the U.A.E., Saudi Arabia, Qatar, Kuwait, and Oman in 2024.
Rain
Rain allows investors across the GCC and Türkiye to buy, sell, trade, and store virtual assets. It also offers a fiat-to-crypto onramp in local currency along with instant funding and withdrawals in the U.A.E. through a local banking partner. In 2023, it was awarded a financial services permission license from the Abu Dhabi Global Markets Financial Services Regulatory Authority. It also launched the advanced trading platform Rain Pro. Rain operates in 10 countries and has over 413,000 users. It has processed $4.7 billion across more than four million transactions since its inception. The company has secured $119 million from investors, including Paradigm, Coinbase, and MEVP.
Tarabut
Open banking platform Tarabut offers real-time access to financial data and payment infrastructure, allowing banks, lenders, fintechs, and startups to create advanced financial products. It operates in the U.A.E., Bahrain, and Saudi Arabia. And has achieved over 90% bank coverage in Bahrain and Saudi Arabia. It had over 715 sign-ups to the developer portal as of December 2023, a 186% increase from 2022. Tarabut closed a $32 million Series A funding round in 2023 from investors, including Aljazira Capital, Visa, and Tiger Global, bringing its total funding to $57 million.
Congrats to these companies!
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