Fintech Galaxy, the UAE-based open innovation platform, has raised USD 2 Mn in seed funding to further bolster the development and rollout of its Open Finance platform, as it looks to expand its reach and boost financial inclusion across key the Middle East and North Africa (Mena) markets. The seed round was led by Jordan’s Ahli Fintech and joined by Raz Holding Group, OMQ Investments, Egypt’s EFG EV Fintech, and INSEAD Saudi Angel Investors.
Fintech Galaxy has also partnered with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to launch a new cross-border accelerator program to help startups from Egypt and Jordan expand into both markets. The two-month Yalla Xtech program is aimed at helping startups to expand beyond their borders.
Fintech Galaxy is developing an Open Finance platform with the aim of redefining financial services with an open API infrastructure that allows fintechs and institutions to collaborate. Through its Open Banking APIs, the platform will give developers access to consumer data from partner banks, allowing them to create new apps and services.