Fintech Galaxy snaps up Egypt’s Underlie to boost regional open finance
UAE-based Fintech Galaxy has acquired Egyptian open banking platform Underlie as it looks to expand its regional open finance footprint.
Fintech Galaxy acquires Underlie
The acquisition, for an undisclosed sum, will see Fintech Galaxy leverage Underlie’s local expertise in building open banking APIs in order to speed up market penetration in Egypt.
Mirna Sleiman, CEO and founder of Fintech Galaxy, says: “Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
Egypt has almost 39 banks nationwide, and the deal presents an opportunity for fast-tracking the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s strategic open banking and open finance roadmap.
Fintech Galaxy says Egypt’s 100 million population and large financial sector present an opportunity for accelerating open finance implementation with the market in Egypt expected to grow by 25% annually during the next five years.
Fintech Galaxy board chair Riyadh Al Zamil says: “Underlie’s expertise in building open banking APIs and knowledge of the local market will help us speed up our Egypt market penetration, boost the expansion in the region and release countless opportunities.”
