Fintech Galaxy, the UAE-based Central Bank-regulated Open Finance platform in the Middle East, has announced its acquisition of Underlie, an Egyptian Open Banking platform that provides APIs to banks and businesses.
Founded in 2018 by Mirna Sleiman, Fintech Galaxy is an open finance platform that facilitates fintech startups with financial institutions. The platform provides access to customer data from partner banks through its open banking (APIs), while allowing developers to build new apps and services.
While Underlie was founded in 2021 by Akram Abdouby and also offers API-based solutions to improve the integration of online apps from banks and fintech companies.
The acquisition will help Fintech Galaxy advance its Open Finance and Open Banking initiatives in the region, develop and launch new digital solutions, and promote financial inclusion. Egypt is Fintech Galaxy’s sixth market after the UAE, Saudi Arabia, Bahrain, Lebanon and Moldova.
Open Banking and Open Finance are key drivers of digital transformation in Egypt, where cashless payments have seen a 230% increase and the local Open Finance market is expected to grow by 25% annually over the next five years.
Fintech Galaxy says it is expanding its offerings for banks, financial institutions, merchants, and fintechs as it works to build the most secure, reliable, and developer-friendly Open Finance platform in the MENA region and beyond.