The open finance market in Egypt is anticipated to grow by 25% annually over the next five years. Credit: Spencer Davis on Unsplash.

Fintech Galaxy, a UAE-based open finance platform, has expanded in Egypt by acquiring Underlie for an undisclosed sum. 

Underlie is an open banking platform, which offers application programming interfaces (APIs) to banks and businesses. 

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Through the deal, Fintech Galaxy hopes to further its open banking and open finance ambitions in the region, develop and launch new digital solutions and promote financial inclusion. 

According to Fintech Galaxy, Egypt presents a chance for accelerating the implementation of open finance due to its 100 million population, significant financial sector presence, and open finance market, which is anticipated to grow by 25% annually over the next five years.

The local open banking API developing experience of Underlie will aid Fintech Galaxy in hastening market penetration in Egypt, it added. 

Fintech Galaxy CEO and founder Mirna Sleiman said: “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.”

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Underlie founder Akram Abdou said: “This acquisition is a testament to the positive impact Underlie has achieved so far. We are delighted to join forces with FTG and succeed on the broader regional Open Finance mission.”

Last month, Fintech Galaxy secured a licence from Bahrain’s central bank, allowing it to function as a regulated Third Party Provider (TPP).