The first Open Finance platform in the Middle East to be regulated by a Central Bank, Fintech Galaxy in the UAE, has announced the acquisition of Underlie, an Open Banking platform in Egypt that provides APIs to banks and companies. The agreement will advance financial inclusion, develop and market new digital solutions, and get FTG’s Open Finance and Open Banking initiatives rolling across the area.
With the ability to provide customers with tailored products, Underlie’s Open Banking platform and expertise, which includes strong API connectivity and payment capabilities, has experienced substantial growth in the Egyptian market. Fintech Galaxy’s vision, current distribution channels, technology, data practises, and unwavering focus on quality are complemented by Underlie’s customer-centric approach and ambition to comprehend the FIs’ needs and pain points in order to offer them new proposed revenue streams and tailored products and services.
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“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 further stated that the Fintech Galaxy Egypt operations had cordially welcomed and kept all of Underlie’s current staff members.
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.”
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As it works to realise its goal of creating the most secure, dependable, and developer-friendly Open Finance platform throughout the MENA region and beyond, Fintech Galaxy, which is currently active in the UAE, KSA, Bahrain, Egypt, Lebanon, and Moldova, keeps expanding the services it provides for banks, financial institutions, merchants, and FinTechs.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard