UAE-based Fintech Galaxy, UAE-based open finance platform Fintech Galaxy has acquired Underlie, an Egypt-based open banking platform offering application programming interface (APIs) to banks and businesses. The value of the transaction is undisclosed.
The acquisition will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.
“Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us speed up our Egypt market penetration, boost the expansion in the region and release countless opportunities to create new Open Banking/Open Finance-enabled use cases,” said Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors. Al Zamil added that all Underlie’s current employees have been retained and warmly welcomed to the Fintech Galaxy Egypt operations.
Underlie’s Open Banking platform and expertise, including strong API connectivity and payment capabilities, has shown significant growth in the Egyptian market, offering custom-fitted products to consumers. Underlie’s customer-centric approach and ambition to understand the FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services, complements Fintech Galaxy’s vision, existing distribution channels, technology, data practices, and relentless focus on quality.
Open Banking and Open Finance – are the key engines behind the digital transformation in Egypt. The country is quickly becoming a flourishing FinTech hub bolstered by 230% growth in cashless payments and the local Open Finance market that is expected to grow by 25% annually during the next 5 years. Egypt has almost 39 banks nationwide, and it presents an opportunity for fast-tracking the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s strategic Open Banking/Open Finance roadmap.
According to Mirna Sleiman, CEO, and Founder of Fintech Galaxy, “The acquisition of Underlie anchors our Open Banking/Open Finance efforts and enables us to succeed in providing enhanced, seamless, and enjoyable financial experiences, expanding, and consolidating our position across the MENA markets. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
“This acquisition is a testament to the positive impact Underlie has achieved so far”, said Akram Abdou, Founder of Underlie. “We are delighted to join forces with FTG and succeed on the broader regional Open Finance mission.”
