This article showcases our top picks for the best Jordan based Fintech (Financial Technology) companies. These startups and companies are taking a variety of approaches to innovating the Fintech (Financial Technology) industry, but are all exceptional companies well worth a follow.
We tried to pick companies across the size spectrum from cutting edge startups to established brands.
We selected these startups and companies for exceptional performance in one of these categories:
- Innovative ideas
- Innovative route to market
- Innovative product
- Exceptional growth
- Exceptional growth strategy
- Societal impact
Top Jordan Fintech (Financial Technology) Companies
liwwa connects small businesses in need of capital with people who want to invest in them. The company’s peer-to-peer lease-to-own model addresses the capital access and interest-free investor return opportunities.
Liwwa conducts in-house reviews of a small business’s creditability and enables them to pay a monthly fee to investors. Founded in 2013, Liwwa raised seed funding with DASH Ventures, al Etihad, and MENA Venture Investments, which it plans to use to hire several new team members, including an underwriting team and to support a new product offering..
MadfooatCom is the first e-payments company in Jordan, established in 2011 with an investment by Oasis500, aiming to disrupt the cash payments in the emerging markets. In 2014, MadfooatCom won the bid for the Central Bank of Jordan’s project to build and operate eFAWATEERcom; the national electronic bill presentment and payment service in Jordan.
Today, it is connected to 100% of the banks and more than 300 billers including all telecom, utilities, private and government sector billers (Customs dept., e-Gov, ministry of Finance, social security, traffic tickets, etc…), and has processed till date, more than 48 million bills paid worth of more than 32 billion USD. The government of Jordan decided to use eFAWATEERcom for all its payments.
By the end of 2017, more than 10 government services stopped using cash and transfer to ePayments using eFAWATEERcom in a government plan to digitize all government services and payments by 2020. MadfooatCom expanded to Oman and Palestine with more MENA countries in the pipeline (Algeria, Kenya, …), and is an active member of Endeavor Entrepreneurs’ global network and EO network.
MadfooatCom was recently licensed by the Central Bank of Jordan as an e-wallet operator, to build and operate an electronic wallet in Jordan to help the unbanked people with managing their financials online. MadfooatCom’s CEO and Founder (Nasser Saleh) received the award of excellence from his majesty King Abdullah II for the company service: eFAWATEERcom which made the people life easier by introducing ePayments for most of their payments.
In January 2018, Mr. Nasser also received the Mohammad bin Rashid Award at Dubai for the best Service Company in the Arab World.
In 2019 MadfooatCom was selected as one of the top 100 startups that are shaping the “Fourth Industrial Revolution” in the MENA region and in 2020 was ranked by Forbes magazine in the top 10 Best regional technology companies in the Middle East Customers are wasting a lot of time and effort in paying their bills forcing them to stand in long queues for extended periods of time s they can pay their bills online, anywhere and anytime. Our platform, eFAWATEERcom, streamlines the billing and collection process for businesses and consumers alike.
Solfeh is a private micro-lending institution that started in 2016 in Amman, Jordan. The mission of the organization is “Through digitizing and facilitating our loan process.
Solfeh allows everyone to have access to critical financial services. Emergency cash is easy, quick and painless to access through our streamlined online system”.
Solfeh is embarked on a plan to allow everyone to have access to critical financial services. Solfeh’s vision is “to make obtaining loans easy, simple, and painless.” The importance of a well-defined program in Solfeh is more than ever before.
To this end, Solfeh needs to design systematic approaches that respond to their specific clients, lending methodologies, operating environments, and financial and social performance objectives. Our targeted clients and markets have a problem with their personal cash flow.
Where their average incomes are relatively equal to their average expenses which makes them have no disposable income to spend allowing an imbalance in their cash. Which makes them have several barriers to access income from other parties.
So, in the case of an emergency (Childcare, Healthcare, Education, Debt Consolidation …etc) they are not well prepared to pay for which creates a burden.. .
Gocash enables every shop in the neighborhood to act as a “virtual ATM” using just a smartphone or its POS-system. It democratizes the process of cash distribution in order to reduce the “cost of cash”.
– Network Building Gocash is a location-based matchmaking platform that connects those who want to withdraw cash with those who want to deposit cash – typically a local shop owner. It builds a community around local businesses and helps them generate physical leads.
– Smart algorithm and an amazing user experience Gocash Value Proposition summary: local shops will not only have less cash to manage at the end of the day but also earn a commission & attract new customers by offering a new service and having access to an additional marketing channel -Leads and new revenue stream. individuals can avoid an extra trip to the ATM and withdraw money at the click of a button – wherever they are: in a restaurant, a cafe, their favorite local shop,….
– User Convenience. banks and E-wallets can reduce ATM operation costs & complement their ATM network – or even enter new markets without investing significant capital.
On top of that, they can leverage a new revenue channel and get closer to their customers. – Scale and expansion.
Tanda is a financial solutions platform that capitalizes on the need for alternative banking products in a region characterized with high financial exclusion. We currently offer a digitized ROSCA and are continuously adding new financial products to serve the financially un- and underserved adult population in the region, specifically women.
Tanda believes that an overall lack of financial services that represents the nature of demand in the Arab World has led to the exclusion of many women in the Arab World from accessing financial services. By addressing that, we would give the previously un- and underserved women and vulnerable segments the ability to participate in the economy while consuming products that improve their financial health.
Tanda aims to target the unbanked and underserved segments in an effort to provide a formal financial system designed to suit their needs and financial standing. This is important in the movement towards this segment having consolidated payment platforms..
You may write to us at: Daily Finance Media/Fupping Ltd, First Floor, 61-63 Rochester Pl, London NW1 9JU.