Two Bahraini companies, EazyPay and Rain, have made it among the top 25 FinTech companies in the Middle East by Forbes Middle East for 2022.
EazyPay, founded by Nayef Tawfiq Al-Alawi, launched in 2016 to provide electronic payment solutions. A business with a license from the Central Bank of Bahrain (CBB) to offer point-of-sale and online payment services. In 2020, it introduced the EazyPay POZ (PoS) devices (also known as the EasyPay SoftPOS application), which enables small businesses and local retailers to accept contactless payments.
The company provides its services to 900 merchants in the Kingdom. In 2021, the business assisted in completing transactions totaling $794 million.
Rain, founded by by Abdullah Almoaiqel, A. J. Nelson, Joseph Dallago, and Yehia Badawy, is the first licensed crypto-asset service provider in the Middle East by the Central Bank of Bahrain, and started its journey by closely working with the Central Bank of Bahrain, as well as other forward-thinking institutions, such as the Bahrain Economic Development Board (EDB) and Bahrain FinTech Bay.
In September of 2017, the company was invited to join the CBB’s regulatory sandbox as the very first crypto-asset platform to be admitted to the sandbox; a historic moment for the industry and for Rain, becoming the very first licensed crypto company in the Middle East and establishing the needed trust to start unlocking crypto in the region. In early 2022, Rain announced their USD 110 million in Series B funding, with participation from numerous parties.
Forbes Middle East acknowledged the two companies in their list of Top 25 FinTech Companies 2022 for doing their part in disrupting the innovative industry as the Middle East’s FinTech industry continues to bloom.