UAE-based open finance platform Fintech Galaxy has secured $2m in the seed funding round led by Jordan’s Ahli Fintech.
The round also saw participation from Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech and INSEAD Saudi Angel Investors.
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Fintech Galaxy will use the seed funding to accelerate the development and subsequent rollout of its open finance platform.
The fintech is also looking to expand its footprint across the key Middle East and North Africa (MENA) markets.
Fintech Galaxy sees open finance as the next step in open banking and aims to democratise financial services.
It is working on an open finance platform that leverages open API infrastructure to integrate fintech and other institutions.
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By GlobalDataFintech Galaxy founder & CEO Mirna Sleiman said: “Fintech Galaxy is driving the development of a much richer, broader financial technology ecosystem that goes well beyond banking to include insurance, asset management, exchanges, and pensions.
“Our vision is to provide not only the technology infrastructure but rather enabling the whole ecosystem to access data and payment channels via a unified API gateway, and supporting financial institutions in their compliance with international and local Open Banking frameworks.”
Open banking allows sharing of financial data such as mortgages, savings, pensions, insurance, and consumer credit via APIs.
Recently, the Central Bank of Bahrain (CBB) issued its own open banking technical standards.
The Saudi Central Bank (SAMA) also plans to launch a framework for open banking during the first half of 2022.
