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MENA

An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Read stories of Payment service providers, platforms or the trending of the Payment industry.

Payments

Global online payments company Stripe has finally made its way to the Middle East. It announced its official launch in the United Arab Emirates with the opening of its office in Dubai Internet City, on Tuesday. The launch comes after the introduction of its private beta in the country a few months ago. Stripe’s expansion to the Middle East had been in the works since early 2019. It is the second largest online payments player to have expanded to the region in the last six months. Adyen, the Amsterdam-headquartered company, has also opened an office in Dubai to support local payment methods across GCC nations and Egypt.

Stripe expands to the Middle East with UAE launch | KrASIA

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Stripe expands to the Middle East with UAE launch

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MENAbytes

E-commerce is the activity of buying or selling of products on online services or over the Internet. 

E-Commerce

Boutiqaat, the leading Kuwaiti beauty e-commerce platform, has been acquitted of money laundering, the company said in an announcement. The case was dismissed after public prosecution found no evidence of money laundering or illicit activity. Boutiqaat had been under investigation since July last year. Its local bank accounts were frozen for about eight months on orders of the Kuwaiti public prosecutor while local authorities were investigating the company. The accounts were unfrozen in March this year. Boutiqaat denied wrongdoing and offered to assist the authorities in their investigation.

Kuwaiti beauty e-commerce platform Boutiqaat acquitted in money laundering case | KrASIA

Kuwaiti beauty e-commerce platform Boutiqaat acquitted in money laundering case

Islamabad-headquartered fintech SadaPay has raised USD 7.2 million in a seed round led by New York-based Recharge Capital. The financing is the largest-ever seed closed by a Pakistani startup. It includes participation of returning investor Kingsway Capital, Raptor Group, and notable fintech angels, including Ualá’s founder Pierpaolo Barbieri, Ribbit Capital’s Brian McGrath, former General Catalyst partner Ilan Stern, and Valon Technologies’ founder Andrew Wang

Pakistani fintech SadaPay raises USD 7.2 million in country’s largest seed round | KrASIA

Pakistani fintech SadaPay raises USD 7.2 million in country’s largest seed round

Fintech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the internet.

Fintech

Riyadh-based fintech Hala (previously known as Halalah) has raised USD 6.5 million in a Series A round led by Impact46, which invested through their growth fund. The round also included participation of Wamda and other investors.

Saudi Arabia’s Hala raises USD 6.5 million Series A to become digital bank for SMEs | KrASIA

Saudi Arabia’s Hala raises USD 6.5 million Series A to become digital bank for SMEs

Investors

Venture capital is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth.

Venture Capital

Amman-based early-stage VC Propeller has concluded the first close of its second fund, Propeller Ventures II. The fund has a target size of USD 15 million and aims to achieve the final close next year. Investors in the fund include Jordan’s Innovative Startups and SMEs Fund (ISSF), Capital Bank of Jordan, Beyond Capital, and multiple individuals including a former Careem executive.

Jordan’s Propeller hits first close for new USD 15 million fund | KrASIA

Jordan’s Propeller hits first close for new USD 15 million fund

Music

Last week, Anghami became the first Arab technology company to announce that it’s going public through a listing on the Nasdaq in New York later this year after merging with a SPAC. As part of the deal, the company is expected to receive anywhere between USD 40 million and USD 210 million in cash from the SPAC and a separate PIPE investment.

Anghami’s journey to the public markets: Everything you need to know | KrASIA

Anghami’s journey to the public markets: Everything you need to know

Eddy Maroun and Elie Habib, founders of Anghami. Courtesy of Anghami via MENAbytes.

Creative

Anghami will become the first Arab technology company to list on Nasdaq and will trade under the symbol ANGH.

Anghami to list on Nasdaq via SPAC at USD 220 million valuation | KrASIA

Anghami to list on Nasdaq via SPAC at USD 220 million valuation

A stay in Pakistan inspired former LinkedIn executive Aatif Awan to form what is now the largest closed fund focused on the country.

Indus Valley Capital raises USD 17.5 million to invest in early-stage Pakistani startups | KrASIA

Indus Valley Capital raises USD 17.5 million to invest in early-stage Pakistani startups

Think of Tarabut Gateway as the Plaid for countries in the Middle East and North Africa.