Bahrain’s position as a rising FinTech hub has been further solidified with four of its companies- Tarabut, EazyPay, CoinMENA and Rain, earning a spot on the prestigious Forbes Middle East FinTech 50 list. This recognition highlights the Kingdom’s growing influence in the region’s rapidly expanding FinTech industry, making waves not just regionally, but potentially on a global scale.
Tarabut
Tarabut is helping shape the future of finance in the Gulf by linking banks and FinTech companies through shared APIs, enabling them to create customized financial tools and services. With operations in the UAE, Bahrain, and Saudi Arabia, the company expanded its footprint in September 2024 by acquiring UK-based Vyne, a real-time payments platform for online businesses. This move marked Tarabut’s entry into the growing account-to-account (A2A) payments sector. In the same year, the company saw impressive growth, with revenue increasing by 4.5 times compared to the previous year.
EazyPay
The company offers a range of services for businesses, including point-of-sale (POS) systems, online payment gateways, and card and virtual account solutions. Through a partnership with Binance, Eazypay.com also allows cryptocurrency payments. In 2024, it handled $4.2 billion in transactions across Bahrain using around 7,800 POS terminals, serving over 12,000 active users. Currently operating in Bahrain and Switzerland, the company plans to expand further into the GCC and Europe in 2025. As of February 2025, Eazypay.com was valued at $300 million.
CoinMENA
CoinMENA is a licensed crypto platform that lets users buy, sell, send, and store digital assets. It operates in 45 countries, including all GCC markets. By the end of 2024, it saw a 430% jump in trading volume and passed one million app downloads. In August 2024, it crossed $2 billion in fiat-to-crypto trades. CoinMENA partners with major names like Ripple, Bitpanda, and Zodia Markets.
Rain
Rain is a crypto platform where users can buy, sell, send, and store digital assets. It operates in Bahrain, the UAE, and Türkiye, offering more than 50 cryptocurrencies. As of 2024, Rain had over 1.5 million users and $8.3 billion in total trading volume since 2019.
Congrats to these companies!
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