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Turkish fintech Fimple plans Dubai office before 2024-end

The startup has already drawn $2 million worth of investments in two months.

Fimple, a Turkish fintech startup that provides advanced cloud-based financial services, is planning to open an office in Dubai before the end of 2024 as part of its expansion in the Middle East and Africa.

The startup has already drawn $2 million worth of investments in two months, said Fimple co-founder and managing director Mucahit Gundebahar.

“With these substantial investments – coupled with our strategic location in the UK – we have already taken the first step onto the global arena,” he added.

Fintech startup funding saw steep growth in the UAE in the first half of this year, accounting for a third of all deals, well above the Middle East and North Africa (MENA) average of 22 percent.

The UAE Venture Investment Report, by research firm Magnitt, stated that, in terms of actual dollars, the amount of funding invested in the sector rose 249 percent year-on-year to $243 million in the first six months of this year.

The two biggest investments over the period included $54m for buy-now-pay-later platform Tabby and $50m for trading app Wahed. 

The MENA payments market has proliferated over the past decade to include global fintechs and tech companies, alongside incumbent banks.

The Middle East and Africa online payment gateway market was estimated at $3 billion in 2020 and is expected to reach $21 billion by 2028.