Bahrain’s fintech scene takes the stage as three homegrown startups secure coveted positions in Forbes Middle East’s Fintech 50 ranking. EazyPay, Rain, and Tarabut emerge as formidable innovators, showcasing Bahrain’s growing influence in revolutionizing the financial landscape.
Leading the charge is EazyPay, founded by Nayef Al Alawi in 2016, securing the 19th spot on the esteemed list. Specializing in payment services, POS systems, and online payment gateway services, EazyPay boasts a robust network of 1,800 merchants and over 7,628 POS terminals. With transactions surging to $2.7 billion in 2023, EazyPay’s expansion plans include venturing into the UAE, Saudi Arabia, Qatar, Kuwait, and Oman.
In the 30th spot, crypto-asset exchange Rain emerges as a game-changer, offering investors across the GCC and Türkiye seamless access to virtual assets. With accolades including a financial services permission license from the Abu Dhabi Global Markets Financial Services Regulatory Authority, Rain’s advanced trading platform, Rain Pro, and strategic partnerships underscore its rapid growth trajectory.
Tarabut, brainchild of Bahraini entrepreneur Abdulla Almoayed, clinches the 33rd position, reinforcing its status as a frontrunner in open banking solutions. With operations spanning the UAE, Bahrain, and Saudi Arabia, Tarabut’s real-time access to financial data and payment infrastructure has garnered widespread acclaim. Noteworthy achievements include securing a $32 million ‘Series A’ funding round and achieving over 90% bank coverage in Bahrain and Saudi Arabia.
Forbes’ meticulous selection criteria, encompassing external funding, transaction volume, and user base, spotlight innovators driving tangible impact in the fintech sphere. The inclusion of Buy-Now, Pay-Later (BNPL) platforms and payment companies underscores the industry’s dynamic evolution and resilience amidst evolving consumer preferences.
While the UAE’s Wio Bank claims the top spot, Bahrain’s representation in Forbes’ Fintech 50 underscores the kingdom’s emergence as a fintech hub in the region. With EazyPay, Rain, and Tarabut leading the charge, Bahrain’s fintech ecosystem continues to garner global recognition, propelling the kingdom towards greater innovation and economic prosperity.
With Forbes’ spotlight illuminating their achievements, EazyPay, Rain, and Tarabut stand poised to shape the future of finance, both regionally and globally.
