Fintech Galaxy closes USD 2 mln seed round for Open Finance development

Wednesday 20 October 2021 14:29 CET | News

The first UAE-based open finance platform Fintech Galaxy has raised USD 2 million in its latest funding round, reports Arab News.

Payouts were led by Jordan’s Ahli Fintech, with Saudi Raz Holding Group, OMQ Investments, EFG EV Fintech Fintech, and INSEAD Saudi Angel Investors also contributing.

Fintech Galaxy plans to use its newly acquired funds to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key Middle East and North Africa (MENA) markets.  

Founded in 2018, the platform will provide access to customer data from partner banks through its Open Banking APIs, while allowing developers to build new apps and services. 

This comes as Open Finance is the next step in the Open Banking journey, which is widely adopted now in many countries, including Saudi Arabia. The Saudi Central Bank (SAMA) is launching a framework for Open Banking in the Kingdom during the first half of 2022.

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Keywords: Open Banking, Open Finance, financial inclusion
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Arab Emirates
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